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U.K.’s National Grid takes big step into U.S. renewable energy market


first_imgU.K.’s National Grid takes big step into U.S. renewable energy market FacebookTwitterLinkedInEmailPrint分享Star Tribune:Geronimo Energy, one of Minnesota’s most prominent renewable-energy developers, has been sold to a large British utility company for $100 million.In conjunction with the deal completed Monday, National Grid is also paying $125 million for a 51% stake in a joint venture that owns wind and solar projects being developed by a Geronimo affiliate. The other 49% is owned by the Washington State Investment Board.National Grid is known in this country for its regulated electricity and natural gas utilities in the northeastern United States. But the company is trying to extend its nonregulated business through its National Grid Ventures arm, of which Geronimo is now a part.The Geronimo deal marks National Grid’s entry into U.S. wind- and solar-energy development. “Geronimo was acquired to be our platform in U.S. renewables,” said Daniel Westerman, president of renewables and distributed energy for National Grid.National Grid, based in London, is one of the world’s largest investor-owned utilities with about $19 billion in sales last year, its business spread roughly evenly between Great Britain and the United States. The company serves about 20 million people in New York, Massachusetts and Rhode Island.Geronimo has developed — or is in the process of developing — a total of 2,200 megawatts of wind and solar power, which includes several projects in Minnesota. A megawatt is 1 million watts, and 2,200 megawatts is the equivalent production capacity of three to four coal or nuclear power plants — though wind and solar farms can’t operate constantly.More: Edina’s Geronimo Energy sold to British utility for $100Mlast_img

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