Elia Joins Marubeni, Google in Backing Atlantic Wind Project

Elia System Operator NV, Europe’s fourth largest electric-grid operator, is investing in a $5.5 billion power transmission project off the U.S. Atlantic coast that will link 6,000 megawatts of offshore wind farms.

The undersea power lines off the coasts of New Jersey, Delaware, Maryland and Virginia will be developed in five segments, Brussels-based Elia said today in a statement. The company acquired a 10 percent stake in the first segment and 5 percent of the remaining segments, without saying how much it invested.

Tokyo-based trading company Marubeni Corp. (8002) and Zug, Switzerland-based clean energy investor Good Energies are also backing the project, and Google Inc. is providing 42 percent of the pre-construction equity.

The Federal Energy Regulatory Commission in May granted a 12.6 percent return on equity for the project, less than the 13.6 percent sought by the developers.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.