National Grid to acquire Geronimo Energy

Published on March 15, 2019 by Dave Kovaleski

National Grid recently announced plans to acquire Geronimo Energy, a clean energy company based in Minneapolis, Minn., for approximately $100 million.

“National Grid is committed to the evolution and decarbonization of our energy system. Renewable power, such as wind and solar generation is a core component of the future energy system. Strong, ongoing growth in renewable energy is fueled by robust demand and underpinned by significant reductions in the cost of renewable technologies, often making wind and solar generation among the cheapest forms of energy for consumers,” said Badar Khan, president of National Grid Ventures, a unit of National Grid that will lead the acquisition.

Geronimo Energy, founded in 2004, has developed over 2,200 megawatts of wind and solar energy projects that are either operational or currently under construction. This represents about 10 percent of all wind generation developed in the Midwest. Geronimo is focused on being farmer-friendly, community-driven and customer focused, which aligns with National Grid’s values.

“We are excited to welcome the Geronimo team to National Grid. We look forward to continuing to foster their entrepreneurial and community-driven culture, as well as complementing their strength in development of renewable generation with National Grid’s capabilities in large-scale engineering projects and asset management,” Daniel Westerman, president of Renewables & Distributed Energy for National Grid Ventures, said.

Geronimo will remain at its headquarters in Minneapolis.

“We are very pleased to be joining National Grid, a leader in the industry that shares our corporate values and community focus,” Blake Nixon, CEO of Geronimo Energy, said. “With National Grid’s expertise and capital strength, Geronimo will be able to better deliver innovative and effective renewable energy solutions for our customers.”

National Grid is also looking to acquire a 51 percent share in 378 megawatts of solar and wind generation projects developed by Geronimo for $125 million. The projects will be jointly owned by National Grid and Washington State Investment Board and operated by National Grid. Both transactions are subject to various approvals and expected to close in the second quarter of 2019. National Grid provides electricity, natural gas, and clean energy to more than 20 million people in New York, Massachusetts, and Rhode Island, as well as Great Britain.