On November 1, 2022, Cassels represented Transmission Developers Inc. (Canada) in connection with the financing of TDI CHPExpress, a Blackstone portfolio company, as required to begin construction on the Champlain Hudson Power Express (CHPE). The project is the approximately 339-mile fully-buried transmission line that will deliver 1,250 megawatts of clean and renewable hydropower from Québec to New York City. With an overall project cost of approximately $6 billion, this financial close is the last step before this transformative project can begin construction and delivering project benefits throughout New York State by distributing funds to community partners, initiatives and municipalities.
The project will provide competitively-priced clean power, sourced from Hydro-Québec, that is expected to lower electricity generation costs throughout the state of New York by $17 billion over the first 25 years of operation, all while providing increased reliability and resiliency for the downstate grid.
Cassels acted for Transmission Developers (Canada).