All the regulatory requirements and closing conditions for the deal have been reached.
In addition to the $100 million deal, National Grid has also contributed $125 million to the Washington State Investment Board.
This means National Grid will acquire the 51% share owned by the board in Geronimo Energy. The board had acquired 379MW of solar and wind energy developed by the renewable energy firm.
Geronimo Energy has developed over 2,200MW of renewable energy capacity since 2014.
Geronimo Energy will continue to be headquartered in Minneapolis, with satellite development offices and operational project facilities located throughout the country.
“Today’s announcement underscores National Grid’s commitment to the decarbonisation of our energy system. We believe in the long-term growth potential of renewable generation, driven by consumer demand and technological advances,” said Badar Khan, president of National Grid Ventures.
Blake Nixon, chief executive officer for Geronimo Energy. “With our joint expertise, we have an exciting opportunity to grow our project portfolio, expand upon our commitments to project host communities and landowners, and offer our customers increasingly high quality, competitive renewable generation.”