National Grid, a London and New York-listed energy utility, has invested $40m in Clean Line Energy Partners, a US-based developer of long distance, high voltage direct current (HVDC) transmission projects to move clean-energy to market.
Clean Line will use the infusion for development of its four HVDC transmission projects, which are focused on onshore wind energy resources in the US.
Steve Holliday, chief executive of National Grid, said: “Clean Line has a strong and capable development team and a portfolio of compelling prohects that will advance the growth of renewable energy and the modernisation of America’s energy infrastructure.”
The transaction is separate from National Grid’s existing regulated activities in the UK and US and about 10% of the company’s investments over the next eight years are expected to be outside of its regulated business.
Investment bank Lazard advised on the deal, which sees the existing shareholding of the Zilkha and Ziff families undiluted.