JCM Capital, a Canada-based private equity firm, has closed development financing for the Lake Erie CleanPower Connector, an underwater high-voltage direct-current (HVDC) transmission project designed to connect Ontario to Pennsylvania.
Lake Erie Power Corp. (LEPC), an independent energy transmission developer, announced the project plans earlier this month. According to LEPC, the transmission project would bring hydro, wind, solar, natural gas and nuclear energy to the PJM grid, which supplies electricity to 13 states and the District of Columbia.
The privately funded project is estimated to cost $1 billion, and following regulatory approvals, LEPC is aiming to commission it by the end of 2017.
"JCM Capital is excited and proud to be financing and providing co-development services for this early-stage and high-profile HVDC transmission project between Canada and the United States,’ comments Martin Ritchie, JCM Capital's chief financial officer.