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September 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Starwood Energy Group sells interest in Hudson River transmission line

Image courtesy of Starwood Energy Group.

Starwood Energy Group Global LLC, a Greenwich-based private investment firm focused on energy infrastructure, has sold its interest in Hudson Transmission Partners LLC (HTP) to an investment vehicle managed by Argo Infrastructure Partners LLC for an undisclosed sum. Argo is a subsidiary of Fairfield-headquartered PowerBridge LLC.

HTP is a joint venture formed to create and operate the Hudson Transmission Project, a 660 MW, 7.1-mile electric transmission system that runs under the Hudson River and connects a converter station in Ridgefield, New Jersey, to a substation at West 49th Street in Manhattan. In 2011, Starwood invested in an $850 million financing package that funded the line’s construction.

Ares EIF, the Los Angeles-based power and infrastructure strategy at Ares Management LP that invested in the project, has also sold its interest in HTP for an undisclosed sum.

“Starwood is proud to have been involved in taking this project from the concept stage to being one of the marquee transmission assets in the U.S.,” said Himanshu Saxena, CEO of Starwood Energy. “We are pleased to be transitioning ownership to Argo, given their unique experience and capabilities in this subsector.”