New Investment Group Gets $50 Million Equity Stake In Clean Line’s Wind-Powered Projects
by July 13, 2015 3:26 pm 412 views
Clean Line Energy Partners LLC said Monday that Houston-based Bluescape Resources plans to take a $50 million equity stake in the company’s portfolio of wind-powered transmission projects.
Bluescape is a private, independent energy investment and operating company that to date has primarily bought stakes in oil and gas shale plays. Bluescape’s Executive Chairman John Wilder said the investment in Clean Line is consistent with the company’s long-term strategy of developing, acquiring and exploring energy resources vital to the world’s economy, health and welfare.
“We are proud to invest in new infrastructure that will greatly improve the U.S. electric grid,” Wilder said. “The scale of the world’s energy needs is far beyond the capacity of any one energy resource or technology. Our country and our world will need much more clean energy in the decades to come and for this reason, we are investing in Clean Line.”
Clean Line, which has five wind-powered transmission projects under development, is currently seeking regulatory approval for a controversial $2.4 billion electric transmission line privately-financed venture that is expected to deliver up to 3,500 megawatts (MW) of wind power from the Oklahoma Panhandle region to communities in Arkansas, Tennessee and other states in the Mid-South and Southeast.
The U.S. Department of Energy’s (DOE) deadline for public comments on Clean Line’s Notice of Application for the project ended today (Monday, July 13). DOE officials did not respond to questions from Talk Business & Politics concerning the next step in the approval process for the project that has been in the works since 2010.
Under the terms of Bluescape’s equity position, the Houston-based energy investment group will invest up to $50 million in Clean Line, officials said, with the potential to invest significantly more capital in the company’s transmission projects.
“We are delighted to have Bluescape on board and will work together to advance the development of our transmission projects,” said Michael Skelly President of Clean Line. “Bluescape’s participation allows us to move our projects to the next stage and further enhances our ability to build new infrastructure that will deliver low-cost clean energy for years to come.”
Currently, Clean Line Energy is supported by investors from the Houston-based Zilkha family, New York-based ZBI Ventures and The National Grid of the United Kingdom. The Zilkha family is also the primary investment vehicle behind a $90 million biomass facility in Monticello that is expected to be operational in late 2016.
ZBI Ventures is a wholly-owned subsidiary of Ziff Brothers Investments, the private investment firm of the New York-based Ziff family. The National Grid plc is a one of the world’s largest publicly-traded electricity and gas utilities with annual revenues of nearly $24 billion.
“We are pleased to welcome Bluescape to Clean Line’s team of investors,” said John Flynn, Senior Vice President of U.S. Business Development at National Grid. “Clean Line has a portfolio of compelling projects that will advance the growth of renewable energy, help to modernize America’s energy infrastructure and contribute to securing the nation’s sustainable energy future.”