now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Asia Connect
Hitachi Energy to begin work on 1.25GW power project
The US$6 billion project involves installing 545km of below-ground transmission lines from Quebec to New York City
Michael Marray 30 Nov 2022

Construction work is about to begin on the 545-kilometre Champlain Hudson Power Express (CHPE) below-ground transmission line, which will deliver hydropower from Quebec to New York City.

CHPE selected NKT, Kiewit Power Constructors and Hitachi Energy to undertake various components of the construction and cable installation for the US$6 billion project, which is expected to begin full operations in the spring of 2026.

For the New York site, Hitachi Energy will supply the HVDC Light converter station, that will convert the direct-current power from Canada to alternating-current power for the New York City AC grid. Engineering and construction company Kiewit will be responsible for the civil works for the converter station in New York.

The project sponsor is Transmission Developers, a Blackstone portfolio company specializing in renewable power development.

Earlier this month CHPE signed a debt financing deal with Société Générale as lead financial adviser and SocGen, MUFG, Mizuho and CIBC as coordinating lead arrangers.

Kirkland and Ellis LLP served as counsel for the Blackstone/CHPE team, while Norton Rose Fulbright represented the lenders. Marsh served as insurance broker and risk adviser to CHPE.

CHPE involves the construction of an underground and underwater transmission line between the Canada-US border and New York City. It will provide competitively priced clean power sourced from Hydro-Quebec.

Two cables, 5 inches in diameter, are to be placed underwater or underground. The submarine portions of the route include Lake Champlain and the Hudson River between Albany and Manhattan. The HVDC converter station will be located in Astoria, Queens.

CHPE will transfer up to 1,250 megawatts of electricity, enough to power one million New York households.

Louise Zhang
Louise Zhang
head of transaction banking, China
BNP Paribas
Changing China: Embracing innovation to build better treasury
View Highlights
Cora G. Dizon
Cora G. Dizon
CFO and treasurer compliance officer
AC Energy
4th ESG Summit - Webinar series
Rising Expectations
Part 2 - Towards a green recovery
View Highlights