National Grid Invests $40 Million in HVDC Transmission Project Developer Clean Line
Clean Edge News
National Grid and Clean Line Energy Partners LLC recently announced that National Grid will make a $40 million equity investment in Clean Line, a developer of long distance, high voltage direct current (HVDC) transmission projects to move renewable energy to market. National Grid is one of the largest investor-owned energy companies in the world, with extensive experience building, owning and operating large HVDC electricity transmission interconnectors and transmission networks in the US and the UK.
Clean Line will use 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.
“We strongly support the advancement of tomorrow’s network technologies and clean energy resources in the US, and our equity investment in Clean Line underscores each of those objectives,” said Tom King, president of National Grid USA. “With this investment, we are bringing capital and network knowledge to help advance resources that will link clean energy resources to markets throughout the US.”
“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. Around 10% of National Grid’s investments over the next eight years are expected to be outside its existing regulated activities in the UK and northeastern USA.