StockMarketWire.com - National Grid said on Thursday it had entered into an agreement to acquire US clean energy developer Geronimo Energy for $100m, expanding its presence in US renewables.

There may be potential further payments, it said, subject to successful development of the project pipeline.

The British utility said it was also progressing an agreement to acquire a 51% share in 378MW of solar and wind generation projects developed by Geronimo for $125m. The projects, which have long-term power purchase agreements in place, will be jointly owned by National Grid and Washington State Investment Board and operated by National Grid. Once finalised, the joint venture with WSIB would have the right of first offer on future projects developed by Geronimo Energy.

Both transactions were expected to close in the second quarter of 2019.






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