ATC Development Co. has invested development capital in oneGRID and has joined its board of directors. ATC Development Co. is the development branch of American Transmission Co., formed by its investor-owned utility members to pursue development outside of ATC’s traditional Midwestern United States footprint.
oneGRID, a Canadian independent transmission developer with projects in North and South America, is developing a portfolio of utility-scale high-voltage direct current transmission projects using underwater submarine cables. The principals of oneGRID have significant HVDC development experience including the 1,000 MW Lake Erie Connector, the 1,000 MW Empire State Connector and the 1,000 MW Champlain Hudson Power Express. oneGRID focuses on unlocking renewable generation by using proprietary and innovative submarine routes that solve for transmission congestion that will facilitate regulators to achieve their carbon emission reduction objectives.
“In addition to forming a capital partnership, oneGRID hopes to leverage ATC’s regulatory and operational expertise to help identify innovative HVDC transmission projects that will solve for transmission congestion, improve system reliability and help connect renewable generation,” said John Douglas, oneGRID CEO.
“Our investment in oneGRID is a good fit for our development goals,” said Mike Hofbauer, executive vice president of ATC Development Co., and a oneGRID board member. “The oneGRID team has a proven track record of identifying and successfully developing HVDC projects, which are on the rise throughout our industry to help move renewables to market and improve electric system reliability. We believe we can add value with our extensive transmission development experience, which includes HVDC.”