In the first of several anticipated strategic alliances, ITC Holdings Corp. (NYSE: ITC) Tuesday announced it has entered into an agreement with MDU Resources Group, Inc. (MDU) to participate in ITC’s Green Power Express transmission project.
The Green Power Express transmission network project will provide grid access for many of the wind-farms in the upper Midwest and traverse portions of North Dakota, South Dakota, Minnesota, Iowa, Wisconsin, Illinois and Indiana. It will ultimately include approximately 3,000 miles of extra high-voltage 765 kilovolt (kV) transmission and will connect with existing 765 kV lines in Illinois and Indiana. The project will facilitate the flow of up to 12,000 megawatts (MW) of renewable power to the Midwest and mid-Atlantic regions of the United States. It is currently estimated to cost approximately $10 to 12 billion.
Under the terms of the agreement, MDU, headquartered in Bismarck, N.D., has expressed its interest in investing in Green Power Express, LP, the entity that was formed by ITC to develop the Green Power Express project. MDU will collaborate with ITC on development efforts and securing the approvals needed to move the project forward. Green Power Express, LP, will operate as an independent transmission company.
MDU Resources Group, Inc. is comprised of both regulated and non-regulated businesses that, collectively, operate across much of the U.S. These companies sell a broad spectrum of products and services primarily related to supporting energy and transportation infrastructure.
ITC said it will continue to pursue Green Power Express partnership discussions and finalize definitive partnership agreements with MDU and other strategic entities, including local utilities. Other project supporters include NorthWestern Energy (NWE), NextEra Renewable Energy (formerly FPLE), Iberdrola Renewables, Generation Energy Inc., Montgomery Power Partners, Denali Energy, National Wind, Crownbutte Wind Power, Inc., Wind Capital Group, Fox Ridge Energy & Development, LLC, Horizon Wind Energy, Prelude, LLC, Citizens Energy and RES, Renewable Energy Systems Americas.
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