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New Energy

Blackstone Preps $6 Billion for Canada-to-NYC Power Line

  • Project seen helping state eliminate carbon from power grid
  • Mitsubishi UFJ, Mizuho among banks said to provide financing
Updated on

Blackstone Inc. is amassing about $6 billion in new funding for a long-planned transmission line that will deliver Canadian hydropower to New York City.

The private equity giant is targeting roughly $1 billion in equity for construction and approached some of its biggest investors to gauge their interest in investing alongside Blackstone funds, according to people familiar with the matter. The firm has also arranged about $5 billion in financing to build the Champlain Hudson Power Express