Blackstone Portfolio Company TDI

The Backstory

Energy accessibility and affordability are some of the most complex challenges to solve in New York City, due to a growing population relying on aging energy infrastructure.¹ And while solar is becoming an increasingly affordable option, the city will need other energy sources to build a consistent supply of affordable energy at scale.

Blackstone portfolio company TDI-USA Holdings LLC (TDI) develops clean energy transmission projects focused in the New England area. Over the past decade, TDI has been working with Hydro-Quebec to develop the Champlain Hudson Power Express (CHPE)—a 339-mile, underground renewable energy transmission project bringing 1,250 MW of affordable, reliable hydropower from Canada to New York City—enough to power more than one million homes.

For this project, TDI sought a partner with reliable long-term capital and the ability and patience to navigate a complex, large-scale renewables project with a rigorous permitting and development process.

"Our friends from Blackstone—I want to thank you for your investment here. The future has arrived.”

Kathy Hochul
Governor of New York

The Partnership

For nearly 15 years, Blackstone has been TDI’s partner in providing more than just capital. In line with TDI’s vision, Blackstone brought together a wide network across local communities, government and labor unions, in order to help TDI thoughtfully build the CHPE Project and generate value for our investors and New York.

Guided by our meetings with labor unions and environmental groups, we helped adapt the project line to protect local species. We also collaborated with TDI to design a $117 million trust fund to finance projects that will protect the Hudson and Harlem Rivers, Lake Champlain and surrounding environments.

After the CHPE Project was successfully awarded a cross-border Presidential Permit in 2014, we partnered with several state agencies and other stakeholders to negotiate a joint settlement that allowed the project to proceed.

The Outcome

The CHPE Project broke ground last November, culminating nearly 15 years of development, and Blackstone is continuing to partner with TDI on the project’s construction.

We anticipate that the project will make energy more affordable for New Yorkers over time, helping to alleviate the financial burden of high energy bills and generate economic opportunities. The project is expected to provide a total of $3.5 billion in economic benefits to New Yorkers. In addition to creating approximately 1,400 family-sustaining jobs, it includes a $40 million Green Economy Fund that will support clean energy job training.