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Blackstone’s Transmission Developers plans $3.8bn clean energy power line
Feb 25, 2010 - AltAssets
Blackstone portfolio company Transmission Developers (TDI) is planning to develop a renewable power transmission line supplying New York and New England from the US-Canadian border.
The planned Champlain-Hudson Power Express (CHPE) transmission power line will be a high voltage direct current (HVdc) cable that will run under waterways to minimise the impact to local communities and the environment.
Blackstone, the largest private equity firm in the world, is TDI’s main investor and the total cost of the project, which is designed to increase grid security and meet growing energy demand in the region, is estimated to be more than $3.8bn.
Donald Jessome, president and CEO of TDI, said, "One of the biggest challenges we face in the development of new renewable energy sources is safely and efficiently transporting that power from areas where it is created to markets where the power is most needed. This innovative project offers real opportunity to deliver low cost power to areas in need with minimal disruption to local communities and environments."
The CHPE project will deliver up to 2,000MW of clean hydroelectric and wind power targeted for development in Canada. The CHPE project, which is subject to federal and state permitting requirements, has an active application pending in the second phase of the US Department of Energy’s (DOE) Loan Guarantee Program for transmission projects.
Once granted, TDI would install a 355 mile HVdc cable from Canada to the New York metro area, which would follow major waterways including the Hudson River and Lake Champlain, and an additional 65 mile underwater connection to Bridgeport, Connecticut. While the line will be principally placed underwater, it will be installed alongside existing rail right of ways in certain areas to avoid areas of Hudson River PCB dredging.
TDI is working with Nalcor Energy to assess the feasibility of delivering hydroelectric and wind power to key markets using this transmission line.
Ed Martin, president and CEO of Nalcor Energy, said, "As we continue to assess our market access options, we will continue to work with TDI to explore the possibility of bringing a portion of the power from our 3,000MW Lower Churchill hydroelectric project in Labrador, as well as our future wind power potential, to the New York and New England markets."
Headquartered in Albany, New York, Transmission Developers develop high voltage underwater transmission systems with proposed projects in Maine, Massachusetts, Connecticut and New York."
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