March 7, 2019 / 7:29 AM / 7 months ago

National Grid to buy U.S.-based wind and solar energy developer

(Reuters) - Electricity and gas utility company National Grid Plc said on Thursday it agreed to buy U.S-based utility-scale wind and solar energy developer Geronimo Energy for at least $100 million.

National Grid said it was also progressing on an agreement to buy a 51 percent stake in 378 megawatts of solar and wind generation projects developed by Geronimo for $125 million.

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.

Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr

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