March 10 (Renewables Now) - Massachusetts-based transmission projects developer Anbaric has agreed with the Ontario Teachers’ Pension Plan to set up a new firm to develop clean energy infrastructure projects in North America.
The new partnership, called Anbaric Development Partners, will help replace deteriorating and outdated fossil fuel-oriented grid with sustainable energy alternatives. “This includes sophisticated high-voltage direct current (HVDC) transmission technology and microgrid projects that will bring renewables online with greater efficiency,” said Edward N Krapels, founder and CEO of Anbaric.
Canada's largest single-profession pension plan has pledged to fund development costs that are seen to produce USD 2 billion (USD 2.1bn) in fully-constructed assets, according to the announcement.
Anbaric, alongside National Grid, are behind the 400-MW Vermont Green Line transmission project, which will deliver power from an Invenergy wind farm near Plattsburgh in New York state. Canadian utility Hydro-Quebec will supplement the wind power generation with hydroelectricity, using the existing transmission grid.
Anbaric is also taking part in the Poseidon transmission solution that will bring wind and hydro generated renewable energy into New York State.
(USD 1.0 = EUR 0.942)