Hudson Transmission Partners, LLC (HTP), developer of the Hudson Transmission Project, an underground and underwater cable between New Jersey and Manhattan, announces that it has closed financing totaling more than US$850 million in debt and equity for construction of the project. In conjunction with the closing, HTP has issued a Notice to Proceed to its principal contractors Siemens Power Transmission and Distribution Inc. and Prysmian Cables and Systems USA, LLC. Completion of the project is scheduled for the summer of 2013.

The Hudson transmission cable will provide a source of electric power for the New York Power Authority (NYPA) to serve NYPA's governmental customers in New York City using high-voltage direct-current (HVDC) technology. An electrical converter station will be constructed in Ridgefield, New Jersey, where AC power from the PJM grid will be converted to DC power, and then back to AC. The cable will then be buried along existing rights-of-way to Edgewater, New Jersey, where it will enter the Hudson River. The cable will be buried beneath the river bottom for approximately 3 miles (4.8 km) before making landfall near Pier 92 in Manhattan, and then be routed beneath New York City streets for a short distance and interconnect at the ConEd West 49th Street substation.

In late 2006, NYPA selected HTP to provide access to the PJM electricity system and to its diverse source of supply to meet energy demand for governmental customers. The cable will be capable of delivering up to 660 MW of new electric power supply, of which 495 MW of transmission capacity will be used by NYPA under a long-term agreement with HTP. The remaining 165 MW of transmission capacity will be made available to other customers on a merchant basis.

The Hudson Project has received all necessary major permits and approvals for construction, including a permit from the U.S. Army Corps of Engineers for installation in the Hudson River, a Certificate of Environmental Compatibility and Public Need from the New York State Department of Public Service, and a Waterfront Development Permit from the New Jersey Department of Environmental Protection. In addition, plans for the converter station have received approval from the New Jersey Meadowlands Commission, and installation of the cable in New York City has been approved by city government agencies.

The Hudson Project converter station to be built in Ridgefield will act to enhance controllability and reliability of the power supply. The power cable will be manufactured and installed by Prysmian, while converter station technology will be provided by Siemens. Both Prysmian and Siemens are leading global suppliers of electricity-related equipment and services.

The Hudson Project has been developed and will be built and operated by substantially the same team of individuals and companies that was responsible for the development, construction and operation of the Neptune Regional Transmission project, a 660-MW undersea and underground electric cable between New Jersey and Long Island that was completed in June 2007.

For more information, visit hudsonproject.com.