By Dieter Holger

 

National Grid PLC (NG.LN) said Monday it had completed its $100 million acquisition of North American wind and solar developer Geronimo Energy.

The British utility also said that it entered into a joint agreement with the Washington State Investment Board. National Grid contributed around $125 million for a 51% controlling stake in the venture that bought up 379 megawatts of wind and solar projects from Geronimo Renewable Infrastructure Partners.

"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.

 

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

 

(END) Dow Jones Newswires

July 15, 2019 11:14 ET (15:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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