National Grid has announced that it will make a $40 million equity investment in Houston, Yexas, U.S.-based Clean Line Energy Partners LLC, an emerging leader in the development 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. The closing of the transaction is subject to regulatory approvals.
National Grid has extensive experience building, owning and operating large HVDC electricity transmission interconnectors and transmission networks in the United States and the United Kingdom. National Grid operates systems that deliver gas and electricity across Great Britain. In the United States, the company delivers electricity to more than a million customers in Massachusetts, New York and Rhode Island. Clean Line will use the proceeds from the National Grid investment to advance the development of its four HVDC transmission projects that will connect onshore wind energy resources in the United States to domestic communities and cities seeking low-cost, clean power.
For more information, visit www.nationalgridus.com.