US power generation company Invenergy has acquired the early-stage Atlantic Power Transmission project from Blackstone Infrastructure Partners and renamed it Jersey Link.
Blackstone will continue to support the project.
The HVDC transmission project can deliver 3.6GW of electricity from new offshore wind to New Jersey’s grid to power millions of homes.
The company is also developing Leading Light Wind, a 2.4GW offshore wind project for which it has submitted a bid to the state of New Jersey.
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It is the developer of more than one-third of the proposed HVDC transmission capacity in the US, with projects including the 5GW Grain Belt Express.
Invenergy will use its experience in HVDC technology to develop the Jersey Link.
Jersey Link senior project director Robert Taylor stated: “This announcement underscores Invenergy’s continued commitment to building the critical infrastructure required to advance the offshore wind and transmission goals of New Jersey, and the US at large.
“Invenergy’s deeply experienced team will ensure Jersey Link cost-effectively delivers offshore wind power to shore, invests in coastal and inland communities and advances workforce development opportunities throughout the state.”
Blackstone senior managing director and public-private partnerships head Kurt Summers stated: “Blackstone Infrastructure Partners is pleased to see the announcement of Jersey Link. Our long-standing partnership with Invenergy has created extraordinary investment opportunities for sustainable energy projects in New Jersey, across the United States and around the globe.
“Jersey Link is the next step in our continued commitment to support a leading clean energy industry in New Jersey.”
Earlier in 2023, Invenergy secured $1bn in follow-up equity investment from funds managed by Blackstone.
The investment will help the company expand its portfolio, which includes solar, wind, energy storage and HVDC transmission lines.