Energy company National Grid will make a $40 million equity investment in Clean Line Energy Partners LLC to help the company develop four high-voltage direct current projects.
Clean Line Energy develops long distance, high-voltage direct current transmission projects that aim to move renewable energy to market. The four projects will connect onshore wind energy resources in the U.S. to communities seeking clean power.
Under the terms of the deal, National Grid will have the option to acquire a significant ownership stake in the projects.
The deal is subject to regulatory approval.
In the U.S., National Grid delivers electricity to more than 3 million customers in Massachsuetts, New York and Rhode Island.
Partners Jonathan Morris and John McGrane of Morgan Lewis & Bockius LLP served as legal counsel to National Grid. The deal was announced Nov. 27.