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By PBN Staff
HOUSTON – National Grid will invest $40 million in Clean Line Energy Partners LLC, an emerging leader in the development of long-distance, high-voltage direct current, the companies announced Tuesday.
The funds will help Clean Line develop its four HVDC transmission projects designed to help connect onshore wind energy resources in the United States to communities and cities that demand low-cost, clean power.
“National Grid USA is pleased to invest in Clean Line Energy and to work to deliver clean energy to market,” National Grid CEO Steve Holliday said in a statement. “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.”
National Grid, which is one of the largest investor-owned energy companies in the world, shares Clean Line’s vision to help create a clean energy future in the U.S. by investing in transmission projects that assist in the development of renewable energy resources.
“We strongly support the advancement of tomorrow’s network technologies and clean energy resources in the U.S., and our equity investment in Clean Line underscores each of those objectives,” Tom King, president of National Grid USA, said in prepared remarks. “With this investment, we are bringing capital and network knowledge to help advance resources that will link clean energy resources to markets throughout the U.S.”
According to a release, the $40 million investment in Clean Line is consistent with the power utility’s long-term strategy of developing and operating high-quality energy infrastructure. Roughly 10 percent of National Grid’s investments over the next eight years are expected to be outside its regulated activities in the U.K. and Northeastern U.S.
“We are delighted to have an investor of National Grid’s caliber who shares our vision and brings a deep understanding of HVDC transmission,” said Michael Skelly, president of Clean Line, in a statement. “We look forward to working together as we develop and build new infrastructure necessary to facilitate a cleaner energy mix for the future.”
Under the terms of the investment, National Grid will have the ability to acquire a “significant ownership stake” in Clean Line’s HVDC projects. The closing of the transaction is subject to regulatory approval.