By Adria Calatayud

National Grid PLC (NG.LN) said Thursday that it has bought Minneapolis-based clean-energy developer Geronimo Energy, expanding its presence in the U.S. renewable-energy sector.

The FTSE 100 utility company said it will pay an initial consideration of $100 million for Geronimo, with potential further payments subject to successful development of the project pipeline.

National Grid is also making progress toward an agreement to buy a 51% share of solar and wind-generation projects developed by Geronimo for $125 million. These 378-megawatt projects are currently in operation and under construction, the company said.

Both transactions are subject to various approvals and are expected to close in the second quarter of 2019, National Grid said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

March 07, 2019 03:44 ET (08:44 GMT)

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