Clean Line Nets Investment From National Grid To Advance Interconnection Of Wind Energy

NAW Staff, Tuesday 27 November 2012 - 11:51:19

National Grid says it will make a $40 million equity investment in Clean Line Energy Partners LLC, a developer of long-distance, high-voltage direct-current (HVDC) transmission projects that will move renewable energy to market.

Clean Line will use the proceeds from National Grid to advance the development of its four HVDC transmission projects that will connect onshore wind energy resources in the U.S. to communities and cities with demand for low-cost clean energy.

Under the terms of the transaction, National Grid will have the ability to acquire a significant ownership stake in Clean Line's HVDC projects. The funds associated with ZBI Ventures and the Houston-based Zilkha family will maintain their existing equity stakes in the company. The closing of the transaction is subject to regulatory approvals.

Clean Line’s portfolio of HVDC transmission projects currently under development include the following:


National Grid built, operates and owns a majority share of the U.S. portion of a 2 GW HVDC interconnector that operates at 450 kV between New England and Canada. The company also is working with Emera Corp. on a proposal to develop the Northeast Energy Link, a proposed 230-mile, 1.1 GW DC transmission line that would deliver renewable energy from northern and eastern Maine and eastern Canada to southern New England.




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