Minnesota-based Geronimo has developed more than 2.3GW of wind and solar PV projects that are now in operation or under construction.
It also has a "multi-gigawatt" pipeline of wind and solar PV projects in various stages of development throughout the United States.
National Grid’s $100 million acquisition of Geronimo had first been announced in March 2019.
The utility, which operates transmission systems in New York, Massachusetts and Rhode Island, as well as the UK, plans to add at least 400MW of new renewable energy projects per year, it stated. A spokesman would not confirm how long this addition target was due to last.
National Grid has also formed a joint venture (JV) with the Washington State Investment Board (WSIB), contributing about $125 million for a 51% controlling share in the partnership.
The JV has acquired 379MW of wind and solar PV projects from Geronimo Renewable Infrastructure Partners. The projects are either in operation or under construction, and have long-term power purchase agreements in place, National Grid stated.
National Grid and the WSIB will jointly own the projects, while National Grid will operate them.
The WSIB will have the right of first offer on any future projects developed by Geronimo.
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