Clean Line Energy Partners receive $40 million investment
National Grid and Clean Line Energy Partners LLC are pleased to announce that National Grid will make a $40 million equity investment in Clean Line, an emerging leader in the development of long distance, high voltage direct current (HVDC) transmission projects to move renewable energy to market.
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 low-cost, clean power.
"National Grid USA is pleased to invest in Clean Line Energy and to work to deliver clean energy to market," said National Grid Chief Executive Steve Holliday. "Clean Line has a strong and capable development team and a portfolio of compelling projects that will advance the growth of renewable energy and the modernization of America's energy infrastructure."
"We continue to make steady progress on the development of our four long-distance HVDC transmission projects and National Grid's participation in Clean Line will further enhance our technical, financial, and development capabilities," said Michael Skelly, president of Clean Line. "We are delighted to have an investor of National Grid's caliber who shares our vision and brings a deep understanding of HVDC transmission. We look forward to working together as we develop and build new infrastructure necessary to facilitate a cleaner energy mix for the future."
The investment in Clean Line is consistent with National Grid's long term strategy of developing and operating high quality energy infrastructure.
Currently under development, 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. In May 2012, Rock Island Clean Line LLC obtained a key regulatory approval from the FERC to begin negotiating transmission service agreements with potential customers.