Abengoa and Starwood Energy win a 114 mile transmission line in the Southwest of the United States
GREENWICH, Conn., July 13, 2015 /PRNewswire/ — Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the company that applies innovative technology solutions for sustainability in the energy and environment sectors, and Starwood Energy, a private investment firm based in Greenwich, CT, have announced that their joint venture has been selected by the California Independent System Operator (CAISO) as the approved sponsor to finance, construct, own, operate and maintain the Delaney to Colorado River 500 kV transmission line project.
Abengoa and Starwood Energy will undertake joint development of a 114 mile transmission line between Delaney and Colorado River substations, reinforcing the electrical interconnection between both California and Arizona. Abengoa will undertake construction, operation and maintenance of the transmission line. Total investment was initially estimated by CAISO at approximately 300 million dollars.
The project is expected to reach commercial operation in 2020 and will bring significant economic benefits to California rate payers.
“This new award will help us to accelerate our development in the power transmission market in the United States, where we expect to continue leveraging our global expertise in order to become a significant player in development, engineering, construction and maintenance of large transmission assets,” said Santiago Seage, CEO of Abengoa.