Process Runs From November 27 – December 22;
Project Plays Key Role In New Clean Energy Standard (“Ces”) Implementation
Albany, NY – Empire State Connector Corp. today announced the start of an Open Solicitation process for interested parties to reserve space on its 265-mile, 1,000 megawatt (“MW”) fully buried Empire State Connector (“ESC”) high voltage direct current (“HVDC”) electric transmission line. The Open Solicitation represents the next step in the development of the ESC, following the Federal Energy Regulatory Commission (FERC) order authorizing Empire State Connector Corp. to sell transmission rights and services on its proposed merchant transmission project at negotiated rates.
London Economics International will serve as the independent solicitation manager for the Open Solicitation, debuting a novel approach designed to bring together upstate power suppliers and downstate load serving entities through the ESC. Non-binding Expressions of Interest will be accepted until December 22, 2017. A WebEXTM information session will be held for those interested in participating on December 5, 2017. Specific information about the process and expressions of interest can be accessed at: www.ESCsolicitation.com.
The ESC will support New York State’s Clean Energy Standard (“CES”), which lays out aggressive low carbon power goals for the state’s power suppliers. Bypassing the major congested transmission interfaces and delivering directly into the heart of New York City, ESC provides a key piece in the State’s energy and environmental solution.
“This project perfectly complements the state’s and the City’s energy, economic and environmental policy goals,” said ESC CEO, John Douglas. “It creates significant upstate economic growth, spurs the development and use of clean, renewable energy, helps better tie together New York’s massive electric grid with highly-controllable transmission technology and delivers low carbon energy into New York City.
ESC’s unique underwater route through the Erie Canal and Hudson River will also have no visual impact and low environmental impact. It is estimated the project will create more than 2,600 jobs during the three-to-four-year construction period. As a participant-funded transmission project, the ESC will be constructed and paid for by the shippers who will contract for capacity.
The project holds New York Independent System Operator (“NYISO”) interconnection queue position #506 and has completed the NYISO interconnection feasibility study. Preliminary engineering, environmental pre-feasibility study, route surveys and routing assessments have all been completed. A public outreach program is fully underway and the company plans to file its Article VII application with the PSC by the end of the year with a target in-service date of 2022.
ABOUT EMPIRE STATE CONNECTOR CORP.
Empire State Connector Corp. is a private company wholly-owned by oneGRID Corp. and Forum Equity Partners. Additional information on the Empire State Connector can be found at the Company’s website www.empirestateconnector.com.
ABOUT ONEGRID CORP.
oneGRID is an independent electricity transmission developer that focuses on innovative routes that will unlock renewable generating sources by relieving transmission congestion with minimal environmental impact. oneGRID uses safe and reliable HVDC technology to improve and strengthen grid performance. With projects in both North and South America, oneGRID is committed to responsible development that respects local communities and minimizes environmental impact. www.onegridcorp.com
ABOUT FORUM EQUITY PARTNERS
Forum Equity Partners is an alternative asset private capital investor with a focus on energy & renewables, infrastructure and real estate. Headquartered in Toronto, ON, with an office in Vancouver, BC, and $1.3 billion enterprise value of assets under management, Forum is committed to achieving aggressive growth through investments and partnerships across rapidly emerging industries and markets, with innovative structures and unconventional investment approaches. For more information, please visit: www.forumequitypartners.com.
SOURCE: Empire State Connector Corp.