Bluescape Resources will make up to a $50 million equity investment in a transmission project by Clean Line Energy Partners. Bluescape is a private, independent energy investment and operating company.
The investment in Clean Line is consistent with Bluescape’s long-term strategy of developing, acquiring and exploring energy resources vital to the world’s economy, health and welfare.
Bluescape’s Executive Chairman John Wilder said, “We are proud to invest in new infrastructure that will greatly improve the U.S. electric grid. The scale of the world's energy needs is far beyond the capacity of any one energy resource or technology. Our country and our world will need much more clean energy in the decades to come and for this reason, we are investing in Clean Line.” Wilder continued, “As a native of Missouri, I am personally excited to invest in a company that will build long-lasting, much needed electric infrastructure in my home state and neighboring states.”
Clean Line has five transmission projects under development that will enable the delivery of thousands of MW of low-cost wind power. “We are delighted to have Bluescape on board and will work together to advance the development of our transmission projects,” said Michael Skelly President of Clean Line. “Bluescape’s participation allows us to move our projects to the next stage and further enhances our ability to build new infrastructure that will deliver low-cost clean energy for years to come.”
Under the terms of the transaction, Bluescape will invest up to $50 million in Clean Line, with the potential to invest more capital in the company’s transmission projects. National Grid, the funds associated with ZBI Ventures, and the Houston-based Zilkha family will maintain their existing equity stakes in the company.
“We are pleased to welcome Bluescape to Clean Line’s team of investors,” said John Flynn, Senior Vice President of U.S. Business Development at National Grid. “Clean Line has a portfolio of compelling projects that will advance the growth of renewable energy, help to modernize America’s energy infrastructure and contribute to securing the nation’s sustainable energy future.”
Lazard represented Clean Line as sole financial advisor on the transaction. Vinson & Elkins served as legal counsel to Clean Line and Bracewell & Giuliani served as legal counsel to Bluescape. Completion of the transaction is subject to regulatory approvals.