The $128.2 billion Washington State Investment Board (WSIB) has approved the restructure of a $500 million commitment to Geronimo Renewable Infrastructure Partners, L.P. (GRIP), a renewable energy fund managed by Minneapolis-based Geronimo Energy, according to a WSIB Investment Advisory report dated April 18.
This statement comes on the heels of a March announcement that National Grid (NG), an electric and gas utility company headquartered in the United Kingdom, is acquiring Geronimo Energy.
The new restructuring will give WSIB the opportunity to build a partnership with NG in preparation for the acquisition.
Part of the acquisition involves NG receiving a 51 percent share in 378 megawatts of solar and wind projects developed by Geronimo, priced at $125 million. Upon completion, NG and WSIB will jointly own the projects, which will be operated by NG.
The WSIB’s tangible assets portfolio, which includes energy investments, totaled $4.7 billion as of Dec. 31, 2018.
The structure change was recommended by WSIB’s independent consultant Pavilion Investments Group, in addition to its private markets committee and staff reports.