Developer Hudson Transmission Partners (HTP) has closed financing totalling over $850m in debt and equity finance for the construction of a 660MW Hudson Transmission project in the US.
The project involves the construction of an underground and underwater cable between New Jersey and Manhattan, New York.
The line will use high-voltage direct current technology and provide a source of electric power for the New York Power Authority (NYPA) to serve the utility's customers in New York City.
HTP has arranged equity finance from Energy Investors Funds and Starwood Energy Group, while debt finance was secured from a consortium of institutional investors comprising SG Americas Securities and RBS Securities.
After the arrangement of the finance, HTP issued a Notice to Proceed to its contractors Siemens Power Transmission and Distribution and Prysmian Cables and Systems.
Prysmian will manufacture and install the power cables, while Siemens will provide the converter station technology.
HTP president and CEO Ed Stern said the Hudson Transmission Project was expected to have a life of 40 to 50 years.
The project is expected to be complete by 2013.