Clean Line Energy Partners of Houston, Texas, the company planning a $2 billion, 750-mile transmission line to run through north central Arkansas, will receive an investment of up to $50 million from Bluescape Resouces, a private energy investment company from Houston, the companies announced.
"We are proud to invest in new infrastructure that will greatly improve the U.S. electric grid," said Bluescape Executive Chairman John Wilder in a press release. "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."
Clean Line has five transmission projects under development including the line through Arkansas that would enable the delivery of thousands of megawatts of low-cost wind power, according to the release. The company's Plains & Eastern Clean Line project would deliver wind power from the Oklahoma panhandle to customers in Arkansas and Tennessee.
The company said it would build a $100 million converter station in central Arkansas to support the project, and a French company recently announced plans to build a West Memphis plant to manufacture electric insulation and glass blocks in support of the project.
"We are delighted to have Bluescape on board and will work together to advance the development of our transmission projects," said Clean Line President Michael Skelly. "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."