CHPE LLC

Champlain Hudson Power Express Project Financing

Borrower (s)
CHPE LLC
Industry
Power/Electricity transmission
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
Canada

Deal Overview

Transmission Developers Inc., a Blackstone portfolio company, is developing Champlain Hudson Power Express (“CHPE”), a 1,250 MW, electric power transmission line. CHPE will run 339-miles from the Canadian border to Astoria, Queens and will transport 10.4 TWh/year of renewable hydropower...

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Transmission Developers Inc., a Blackstone portfolio company, is developing Champlain Hudson Power Express (“CHPE”), a 1,250 MW, electric power transmission line. CHPE will run 339-miles from the Canadian border to Astoria, Queens and will transport 10.4 TWh/year of renewable hydropower to NYC upon completion. The project is fully contracted for 40 years with Hydro-Quebec. Hydro-Quebec in turn has executed contracts with NYSERDA for the delivery of power and renewable energy credits.

The rationale for the nomination for Proximo DoY 2022 award is that CHPE is a marquee project for New York. It will provide significant environmental benefits to New York and play a critical role in New York achieving its ambitious renewable energy targets. Renewable energy delivered by CHPE will comprise ~25% of total NYC energy demand and will decrease carbon emissions by ~3.9 MM metric tons per year and harmful local air pollutants by ~20% – equivalent to removing 44% of passenger vehicles from NYC. 

Additonally, CHPE is among the largest and most prominent project financings closed in 2022.  CHPE has been under development by Transmission Developers Inc. for over 10 years - financial close and commencement of construction represent major milestones for the sponsors, New York, and other parties involved.

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Deal Volume
$5.65bn
Financial Close
28 October 2022
Sources

All Dealmakers

Jeet Ganatra

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Vincenzo Pansadoro

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Jonathan Kim

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Tranches


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Projects

Champlain Hudson Power Express Project

Greenfield
Electricity transmission
North America
Canada
$6bn