National Grid PLC National Grid expands presence in US renewable's (0992S)
07 March 2019 - 6:01PM
UK Regulatory
TIDMNG.
RNS Number : 0992S
National Grid PLC
07 March 2019
7 March 2019
National Grid expands presence
in US renewable generation
National Grid today announces it has entered into an agreement
to acquire Geronimo Energy, a leading clean energy developer based
in Minneapolis, MN. National Grid has agreed to pay $100m, with
potential further payments subject to successful development of the
project pipeline.
National Grid is also progressing an agreement to acquire a 51%
share in 378MW of solar and wind generation projects developed by
Geronimo (in operation and under construction) for $125m. The
projects, which have long-term power purchase agreements in place,
will be jointly owned by National Grid and Washington State
Investment Board ('WSIB') and operated by National Grid. Once
finalised, the joint venture with WSIB will have the right of first
offer on future projects developed by Geronimo Energy. This
investment is consistent with our long-term strategy of evolving
the Group for the future.
Both transactions are subject to various approvals and are
expected to close in the second quarter of 2019.
Background:
Founded in 2004, Geronimo Energy is headquartered in
Minneapolis, MN. Geronimo has developed and sold over 2,200
megawatts of wind and solar projects that are either operational or
currently under construction, with a significant development
pipeline in various stages throughout the United States.
Investors and Analysts
+44 (0) 20 7004 3166 +44 (0) 7584 206 578
Will Jackson (d) (m)
+44 (0) 20 7004 3460 +44 (0) 7976 962 791
Tom Edwards (d) (m)
Media
+44 (0) 7960 012356
Sean Kemp (m)
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's (the
Company) financial condition, its results of operations and
businesses, strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. These forward-looking statements are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control, predict or estimate precisely, such as changes
in laws or regulations, including any arising as a result of the
United Kingdom's exit from the European Union, announcements from
and decisions by governmental bodies or regulators, including those
relating to the role of the UK electricity system operator; the
timing of construction and delivery by third parties of new
generation projects requiring connection; breaches of, or changes
in, environmental, climate change and health and safety laws or
regulations, including breaches or other incidents arising from the
potentially harmful nature of its activities; network failure or
interruption, the inability to carry out critical non network
operations and damage to infrastructure, due to adverse weather
conditions including the impact of major storms as well as the
results of climate change, due to counterparties being unable to
deliver physical commodities, or due to the failure of or
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including those related to investment
programmes and internal transformation, cost efficiency and
remediation plans; and customers and counterparties (including
financial institutions) failing to perform their obligations to the
Company. Other factors that could cause actual results to differ
materially from those described in this announcement include
fluctuations in exchange rates, interest rates and commodity price
indices; restrictions and conditions (including filing
requirements) in National Grid's borrowing and debt arrangements,
funding costs and access to financing; regulatory requirements for
the Company to maintain financial resources in certain parts of its
business and restrictions on some subsidiaries' transactions such
as paying dividends, lending or levying charges; inflation or
deflation; the delayed timing of recoveries and payments in
National Grid's regulated businesses and whether aspects of its
activities are contestable; the funding requirements and
performance of National Grid's pension schemes and other
post-retirement benefit schemes; the failure to attract, train or
retain employees with the necessary competencies, including
leadership skills, and any significant disputes arising with
National Grid's employees or the breach of laws or regulations by
its employees; the failure to respond to market developments,
including competition for onshore transmission, the threats and
opportunities presented by emerging technology, development
activities relating to changes in the energy mix and the
integration of distributed energy resources; and the need to grow
the Company's business to deliver its strategy, as well as
incorrect or unforeseen assumptions or conclusions (including
unanticipated costs and liabilities) relating to business
development activity, including assumptions in connection with the
Company's sale of the remaining Cadent stake. For further details
regarding these and other assumptions, risks and uncertainties that
may impact National Grid, please read the Strategic Report section
and the 'Risk factors' on pages 193 to 196 of National Grid's most
recent Annual Report and Accounts, as updated by National Grid's
unaudited half-year financial information for the six months ended
30 September 2018 published on 8 November 2018. In addition, new
factors emerge from time to time and National Grid cannot assess
the potential impact of any such factor on its activities or the
extent to which any factor, or combination of factors, may cause
actual future results to differ materially from those contained in
any forward-looking statement. Except as may be required by law or
regulation, the Company undertakes no obligation to update any of
its forward-looking statements, which speak only as of the date of
this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQBQLLBKXFZBBF
(END) Dow Jones Newswires
March 07, 2019 02:01 ET (07:01 GMT)
National Grid (LSE:NG.)
Historical Stock Chart
From Apr 2024 to May 2024
National Grid (LSE:NG.)
Historical Stock Chart
From May 2023 to May 2024