Clean Line Spends $40 Million to Transmit Renewable Energy in US
National Grid is making a $40 million equity investment in Clean Line Energy Partners, a developer of long distance, high voltage direct current (HVDC) transmission projects to move renewable energy to market.
Under the terms of the transaction, National Grid will have the ability to acquire a significant ownership stake in Clean Line’s HVDC projects.
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 United States to communities and cities with demand for clean power.
Clean Line’s portfolio of HVDC transmission projects currently under development includes the following:
- The Plains & Eastern Clean Line will move 3,500 MW of power from clean energy projects in western Oklahoma, southwestern Kansas, and the Texas Panhandle to consumers in the Southeastern United States.
- The Grain Belt Express Clean Line will deliver 3,500 MW of power from Kansas to Missouri, Illinois, Indiana and points farther east.
- The Rock Island Clean Line will connect 3,500 MW of renewable power from northwest Iowa to communities in Illinois and other states to the east.
- The Centennial West Clean Line will deliver 3,500 MW of renewable power from northeastern New Mexico to communities in California.
National Grid is an investor-owned energy company with experience building, owning and operating large HVDC electricity transmission interconnectors and transmission networks in the US and the UK. However, around 10 percent of National Grid’s investments over the next eight years are expected to be outside its existing regulated activities in the UK and northeastern USA.
National Grid built, operates, and owns a majority share of the US portion of a 2,000 MW HVDC interconnector that operates at 450kV between New England and Canada, which is jointly owned by some 40 energy companies.
National Grid also is working with Emera Corporation on a proposal to develop the Northeast Energy Link, a proposed 230-mile 1,100 MW direct current transmission line delivering renewable energy from northern and eastern Maine and eastern Canada into southern New England.
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