National Grid is stepping up its efforts to diversify and decentralize its energy resources, including a shift towards solar and wind power generation and distribution both by its regulated utilities in Massachusetts, New York and Rhode Island, as well as via its unregulated energy services units.
Unregulated National Grid Ventures (NGV) is investing some $100 million to acquire solar and wind power project developer Geronimo Energy. Joining with the Washington State Investment Board in a joint venture, it's also investing some $125 million to acquire a controlling, 51% equity stake in a 379-MW portfolio of wind and solar projects from Geronimo Renewable Infrastructure Partners, according to a news report.
Geronimo has developed more than 2,200 MW of wind and solar energy projects that are either completed or under construction.
“Today’s announcement underscores National Grid’s commitment to the decarbonization 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.