Greenwich firm sells $850M electric link under Hudson River

September 18, 2018

Starwood Energy Group is selling its interest in a Hudson River transmission line that feeds power to Manhattan from a New Jersey substation.

Greenwich-based Starwood did not disclose terms of its deal with Argo Infrastructure Partners, with Los Angeles-based Ares Management selling its own stake as well in the 660-megawatt line. In 2011, Starwood Energy Partners invested in an $850 million financing package to underwrite construction of the transmission line.

Fairfield-based PowerBridge will continue to maintain the power line on behalf of Argo and other owners.

Coming online in June 2013, the transmission cable runs more than seven miles from a converter station in Ridgefield, N.J. to West 49th Street in New York City, with the New York Power Authority under contract to purchase 87 percent of its capacity through 2033.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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