The Hudson Transmission Project is an underground and underwater cable from New Jersey to Manhattan, and is being developed by the Hudson Transmission Partners (HTP), LLC. Financing of the project has totaled over $850 million in debts and equity for project construction. HTP has released a statement that the financing process has now closed, and it has also issued notices to its main contractors to proceed with the construction phase of the project. The project is due to be completed by summer 2013, and the contractors in charge of this are Siemens (News - Alert) Power Transmission and Distribution, Inc and Prysmian cables and Systems USA, LLC.

The Hudson Project’s equity financing is provided by Energy Investors Funds and the Starwood Energy Group Global, LLC, through private equity funds under their management. A consortium of institutional investors is providing the debt financing through RBS Securities and SG Americans Securities’ private placements.

In a release, President and Chief Executive Officer of HTP, Ed Stern said that “Closing financing and issuing Notice to Proceed represents almost six years of effort in conceiving the project, obtaining key permits, acquiring real estate rights, and negotiating major agreements. We have a lot of people to thank for their assistance and cooperation, including NYPA, our debt and equity investors, the Federal Energy Regulatory Commission, ConEd, PJM, and the New York Independent System Operator.  We are also grateful for the support and dedication of numerous officials and authorities at all levels of government, including, among others, United States Senators Chuck Schumer and Kirsten Gillibrand of New York, Congressman Jerrold Nadler of New York, Mayor Michael Bloomberg (News - Alert) and City Council Speaker Christine Quinn of New York City, and Governor Chris Christie of New Jersey."  

Stern brought to light that the Hudson Project has a life span expectancy of over 40 to 50 years, and also said, “The Hudson Project will be a key piece of important infrastructure for New York City, representing not only a new source of lower-cost power but substantially greater reliability and energy security for New Yorkers."

The Hudson Project is well developed to be underway, with all major approvals and permits for its construction being cleared. To find out more information, please visit http://www.hudsonproject.com/.