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Blackstone Renewable Energy Project selected to support New York’s transition to clean energy

Blackstone’s wholly-owned portfolio company Transmission Developers Inc (TDI), has been selected by the New York State Energy Research and Development Authority (NYSERDA), as part of an extensive RFP process, to deliver clean, renewable power to New York City.

Over the past decade, TDI and Hydro-Quebec have worked in partnership to develop Champlain Hudson Power Express (CHPE), a fully permitted, underground electric transmission line spanning approximately 339 miles between Canada and New York City. The project will deliver 1,250 MW of clean power to New York City. Currently, New York City is estimated to be over 85 per cent reliant on fossil fuel based electricity. CHPE will reduce this reliance significantly, leading to materially decreased carbon emissions in New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.

Jon Gray, President and Chief Operating Officer of Blackstone, says: “We love being a part of New York City’s move to a cleaner energy future. Our long term capital allows us to invest in sustainable projects and see them through to completion. We’ve backed this innovative project for more than a decade while also committing to nearly USD11 billion of energy transition initiatives globally, just in the last three years.”

David Foley, Global Head of Blackstone Energy Partners says: “CHPE is the most recent in a series of significant investments that we have made as part of our strategy to create value through accelerating the energy transition by funding the buildout of critical energy infrastructure and services needed to provide cleaner, more reliable and affordable energy for America.”

Bilal Khan, Senior Managing Director of Blackstone Energy Partners, says: “We have spent more than 10 years working closely with communities, labor organisations, environmental stewards and New York municipalities to thoughtfully develop this project and are thrilled to play a critical role in helping New York State achieve its ambitious climate goals.”

Doreen M Harris, President and CEO, NYSERDA, says: “The Champlain Hudson Power Express is a major green infrastructure project that will help transform New York’s power grid and help create good-paying jobs in delivering clean renewable energy from Upstate to New York City. This project will provide significant community and public health benefits to the state’s most underserved communities as part of the Climate Leadership and Community Protection Act and we look forward to working with our Champlain Hudson Power Express partners on its advancement.”

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