Bluescape Resources and Clean Line Energy Partners have announced that Bluescape will make an equity investment of up to US$50 million in Clean Line to advance their mission to deliver low-cost clean energy in the United States.
Under the terms of the transaction, Bluescape will invest up to US$50 million in Clean Line with the potential to invest significantly 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.
Lazard represented Clean Line as sole financial adviser on the transaction. Vinson & Elkins served as legal counsel to Clean Line and Bracewell & Guiliani served as legal counsel to Bluescape. Completion of the transaction is subject to regulatory approvals.
Bluescape's Executive Chairman, John Wilder, has commented:
"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."
Michael Skelly, President of Clean Line, stated the following:
"We are delighted to have Bluescape on board and will work together to advance the development of our transmission projects. 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."
Clean Line, a developer of transmission projects aimed at delivering low-cost renewable energy to market, has five projects under development that will enable the delivery of thousands of megawatts of low-cost wind power.
Bluescape Resources is a private, independent energy investment and operating company. The firm is focused primarily in the oil, gas and power sectors.