WAKEFIELD/WALTHAM, MA – January 17, 2017 – National Grid, Anbaric, and Citizens Energy, the co-developers of the Vermont Green Line, today announced the conversion of National Grid’s and Citizen’s development loans to an equity investment in the Vermont Green Line Project.
National Grid will assume primary responsibility for developing the project and Citizens Energy will continue to be an investor and assist in development. The development agreement among the three parties was structured to enable conversion of ownership to National Grid and Citizens Energy after completion of the initial stages of development. This move reflects the investors’ confidence in the project’s success.
Vermont Green Line (VGL) is a proposed 400 megawatt, high-voltage direct current (HVDC) electric transmission project designed to unlock and deliver reliable and affordable renewable energy to New England.
In March 2015, National Grid joined Anbaric in developing VGL as a reflection of the companies’ shared vision to help transform New England’s energy landscape while driving a healthy regional economy and environment.
In August 2016, Citizens Energy announced it would invest in the Vermont Green Line and use profits from its share of the line to help working families with their energy needs in Vermont.
Citizens Energy partners with utilities and developers across the country to develop new high-voltage transmission lines. Under its model, Citizens Energy’s projects — now including the Vermont Green Line — increase grid reliability, unlock access to large quantities of renewable energy and fund charitable programs for people living in the area, all at no additional cost to energy customers.
“We’re thrilled that National Grid has made this permanent equity investment in VGL as a way to help them meet the needs of the region’s energy consumers,” said Ed Krapels, the founder and head of Anbaric.
“We are committed to diversifying New England’s energy options and helping to meet state energy goals as affordably as possible for New England consumers,” said Will Hazelip, vice president of Business Development at National Grid. Hazelip continued, “VGL provides an efficient means to accomplish these objectives.”
The project has been approved by several of the communities where it would be located in Vermont and New York. The developers have filed for project approval in New York and Vermont, and in December issued an open solicitation to purchase capacity on the line.