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Project to deliver 1,250 MW of clean power to New York City, displacing fossil fuel generation
NEW YORK, September 20, 2021--(BUSINESS WIRE)--Blackstone (NYSE: BX) announced today that its wholly-owned portfolio company Transmission Developers Inc. (TDI), was selected by the New York State Energy Research and Development Authority (NYSERDA), as part of an extensive RFP process, to deliver clean, renewable power to New York City.
Over the past decade, TDI and Hydro-Quebec have worked in partnership to develop Champlain Hudson Power Express (CHPE), a fully permitted, underground electric transmission line spanning approximately 339 miles between Canada and New York City. The project will deliver 1,250 MW of clean power to New York City. Currently, New York City is estimated to be over 85% reliant on fossil fuel based electricity. CHPE will reduce this reliance significantly, leading to materially decreased carbon emissions in New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.
Jon Gray, President and Chief Operating Officer of Blackstone said: "We love being a part of New York City’s move to a cleaner energy future. Our long term capital allows us to invest in sustainable projects and see them through to completion. We’ve backed this innovative project for more than a decade while also committing to nearly $11 billion of energy transition initiatives globally, just in the last three years."
David Foley, Global Head of Blackstone Energy Partners said: "CHPE is the most recent in a series of significant investments that we have made as part of our strategy to create value through accelerating the energy transition by funding the buildout of critical energy infrastructure and services needed to provide cleaner, more reliable and affordable energy for America."
Bilal Khan, Senior Managing Director of Blackstone Energy Partners said: "We have spent more than 10 years working closely with communities, labor organizations, environmental stewards and New York municipalities to thoughtfully develop this project and are thrilled to play a critical role in helping New York State achieve its ambitious climate goals."
Doreen M. Harris, President and CEO, NYSERDA said, "The Champlain Hudson Power Express is a major green infrastructure project that will help transform New York’s power grid and help create good-paying jobs in delivering clean renewable energy from Upstate to New York City. This project will provide significant community and public health benefits to the state’s most underserved communities as part of the Climate Leadership and Community Protection Act and we look forward to working with our Champlain Hudson Power Express partners on its advancement."
CHPE was selected for contract negotiation as part of the award under New York State Energy Research and Development Authority’s (NYSERDA) Tier 4 renewable energy solicitation issued in January 2021. Once finalized, NYSERDA will submit the negotiated contract for the awarded project to New York’s Public Service Commission for consideration and approval. If the Tier 4 contract is approved, NYSERDA payments will not commence until the project has obtained all required permits and local approvals, is constructed and delivers power to New York City, which is expected to begin in 2025.
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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