Morgan Lewis Advises National Grid on $40M Investment in Clean Line Energy Partners
news source:Press Releases
NEW YORK, November 27, 2012: National Grid, one of the world's largest investor-owned energy companies, today announced that it will make a $40 million equity investment in Houston-based Clean Line Energy Partners LLC, an emerging leader in the development of long distance, high voltage direct current (HVDC) transmission projects to move renewable energy to market. Under the terms of the transaction, National Grid will have the ability to acquire a significant ownership stake in Clean Line's HVDC projects. The closing of the transaction is subject to regulatory approvals.
National Grid has extensive experience building, owning and operating large HVDC electricity transmission interconnectors and transmission networks in the U.S. and the UK. National Grid operates systems that deliver gas and electricity across Great Britain. In the U.S., the company delivers electricity to more than three million customers in Massachusetts, New York and Rhode Island. Clean Line will use the proceeds from the National Grid investment to advance the development of its four HVDC transmission projects that will connect onshore wind energy resources in the U.S. to domestic communities and cities seeking low-cost, clean power.
Morgan, Lewis & Bockius LLP served as legal adviser to National Grid on the transaction. The Morgan Lewis deal team was led by Business and Finance partner Jonathan Morris and Energy partner John McGrane and assisted by Business and Finance associate Etienne Shanon.
For more information about the transaction and Clean Line's HVDC transmission projects in development, please see the National Grid press release here.
John D. McGrane, Jonathan D. Morris, Etienne D. Shanon