01.18.17: Anbaric & National Grid Agree to National Grid Takeover of Vermont Green Line Project
ANBARIC AND NATIONAL GRID AGREE TO NATIONAL GRID TAKEOVER OF VERMONT GREEN LINE PROJECT
Project Development Will Continue as Planned
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.
About Anbaric: Anbaric, headquartered in Wakefield, Massachusetts, has a track record of leadership in developing competitively selected High Voltage Direct Current (HVDC) transmission projects. Anbaric’s corporate mission is to develop innovative, large electric infrastructure projects. As a developer, Anbaric invests in projects that will have long life spans, the foremost being electric transmission assets. Anbaric is also developing a series of large microgrids, known too as distributed energy systems.
About National Grid: National Grid (LSE: NG; NYSE: NGG) is an electricity and gas company that connects consumers to energy sources through its networks. In Britain, National Grid runs the systems that deliver gas and electricity across the country. In the Northeast U.S., National Grid connects more than seven million gas and electric customers to vital energy sources.
National Grid has articulated a strategy called Connect21 to respond to rising customer expectations and opportunities for innovation in the U.S. It aims to transform our pre-digital 20th-century energy infrastructure to meet the needs of an increasingly robust and agile 21st-century digital economy with a range of data-driven, value-added services. Connect21 outlines the ways National Grid will make smart, significant investments in our networks to allow customers increased flexibility, speed, and choice. For more information please visit our website: www.nationalgridus.com.
About Citizens Energy Corporation: Citizens Energy Corporation, a Boston-based non-profit founded in 1979 by former Congressman Joseph P. Kennedy II, has a long history of using revenues from successful commercial energy ventures to finance charitable programs to help the poor. Starting in the oil and natural gas industries, Citizens also launched innovative businesses in the health care, electricity trading, and energy conservation fields. More recently, the company expanded into the solar, wind and transmission industries – in every case using profits from its ventures to help the poor wherever it operates.
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