June 16, 2026
The Champlain Hudson Power Express – $6 Billion Partnership between Blackstone portfolio company Transmission Developers and Hydro-Québec – Marks Completion of a Landmark 1,250 MW Energy Infrastructure Project Connecting Québec to New York City
Significant private investment to deliver a 339 mile underground and underwater HVDC transmission system capable of supplying up to 20% of New York City’s electricity needs. Multi year engineering and construction achievement and the longest fully-buried transmission line in North America now complete
NEW YORK/MONTRÉAL — The Champlain Hudson Power Express (CHPE), the landmark clean energy project and longest fully-buried transmission line in North America, today marked the completion of a major transmission link connecting Québec’s hydropower system directly to New York City, capable of delivering 1,250 MW to the New York City electrical grid, equivalent to 20% of the City’s energy needs. The completion of this $6 billion privately funded project is a historic milestone for New York State’s decarbonization goals and a blueprint for building large-scale clean energy infrastructure projects in the United States.
CHPE was created through a partnership between Transmission Developers (TDI), a Blackstone portfolio company, and Hydro-Québec, one of the largest hydropower producers in the world. The culmination of more than 15 years of planning and development from project conception to completion, CHPE stretches 339 miles along the entire length of New York State, from the Canadian border to a converter station in Astoria, Queens, where energy enters the New York City grid. The project will deliver under a 25-year contract between Hydro-Québec and the New York State Energy Research and Development Authority (NYSERDA). Its operations will significantly strengthen the City’s energy grid reliability while supporting a reduction in the reliance on burning fossil fuels, providing significant health benefits to local communities, especially neighborhoods that have historically been disproportionately negatively impacted by harmful carbon emissions. CHPE is expected to provide an estimated carbon emission reduction equivalent to removing nearly half of the cars from New York City streets.
Over the course of its three years of construction, CHPE was a major employment engine, creating 1,400 family-sustaining union jobs and more than 7.5 million hours worked. The project will continue to deliver tangible financial and economic benefits to New York State ratepayers and communities along the project route. TDI estimates that CHPE is expected to save New York State ratepayers approximately $17.3 billion over the first 30 years of operations. The project will also provide a $1.4 billion incremental increase in tax revenue for local communities over the first 25 years of operations.
“The Champlain Hudson Power Express transmission line is one of the first projects I championed as Governor, and is a game changer when it comes to keeping the lights on, helping build a cleaner future, and holding costs down,” Governor Kathy Hochul said. “With its completion, we are powering 1 million New York City homes with needed clean energy that will serve communities for generations to come. This project is further proof that despite the unprecedented federal headwinds we are facing, New York will remain a national climate and clean energy leader into the future
Jon Gray, President and COO of Blackstone, said: “This is a transformational project – bringing clean energy from Québec to Queens – that will help lower emissions, reduce costs for consumers, and meet almost one-fifth of New York City’s power needs. Today marks the culmination of a 16-year journey and we could not be prouder that Blackstone’s long-term capital helped make it a reality. We are grateful to Governor Hochul, organized labor, TDI, Hydro-Québec, the U.S. and Canadian governments, the City of New York, and our many other partners in delivering vital energy for the City of New York.”
“The Champlain Hudson Power Express shows what is possible when we make ambitious public investments and see them through,” said
Mayor Zohran Kwame Mamdani. “New Yorkers deserve a future powered by clean, reliable, affordable energy; this project brings that future within reach. It is the result of sustained organizing, partnership and public commitment, and New York City is proud to have been a partner in making it happen. In the wealthiest city in the world’s richest country, all New Yorkers deserve access to clean and affordable energy.”
David Foley, Global Head of Blackstone Energy Transition Partners, and Bilal Khan, Senior Managing Director, added: “CHPE reflects the kind of large-scale, complex energy infrastructure development project that Blackstone Energy Transition Partners has a strong track record of delivering – projects that require long-term, patient equity capital to support the infrastructure needed to deliver cleaner, more reliable and affordable energy. We are proud to have partnered with TDI and its exceptional management team, Hydro-Québec, and federal, state and local partners at every level to help move this project from vision to completion, delivering meaningful benefits for New York’s grid, economy and communities.”
Claudine Bouchard, President and Chief Executive Officer of Hydro-Québec, said: “Delivering a project of this scale—fully underground and across borders—is a true tour de force. CHPE is the result of more than a decade of vision, collaboration and determination. It reflects the very best of what our teams and partners can achieve together, and stands as a powerful demonstration of engineering excellence, coordination and perseverance in building the energy systems of the future.”
Transmission Developers Chairman of the Board Brian Kubeck said, “We are incredibly proud of this project and the positive long-term impacts it will deliver for New York City and the entire region. CHPE is a testament to what can be achieved through careful planning and close collaboration across a diverse group of partners. Thank you to Hydro-Québec, Governor Hochul, Blackstone, NYSERDA, the Mohawk Council of the Kahnawà:ke, and our numerous partners in New York City and across the state for the role they played in making this project a reality. We have shown that providing clean power to NYC can be achieved responsibly, collaboratively, and in a way that respects the communities hosting this vital infrastructure.”
“Kahnawà:ke is proud to open the door to First Nation co-ownership of major transmission infrastructure with Hydro-Québec,” said Mohawk Council of Kahnawà:ke Grand Chief Cody Diabo. “Our community has a deep connection to New York, where our ironworkers helped build the skyline. Today, we help power it, as a partner in the clean energy future.”
CHPE officially reached commercial operation ahead of schedule, completing a complex, multi-year construction effort and enabling the integration of renewable hydropower into the New York City grid. Hydro-Québec’s long-term contract with New York State entered into effect on June 1, marking the start of the contractual phase of the project. Due to temporary market restrictions that will be resolved next month, Hydro-Québec has been selling energy over CHPE based primarily on market signals in New York City over the past few weeks.
CHPE’s fully-buried high-voltage direct current (HVDC ) line includes 193 miles of submarine cable laid in Lake Champlain, the Hudson and Harlem Rivers, and 146 miles of underground cable buried primarily in roads and railroad rights of way, to a brand new state of the art converter station in Queens, where energy is converted to enter the New York City power grid.
Supplying CHPE is the Hydro-Québec Hertel-New York interconnection line and converter. This line connects Hydro-Québec’s vast network of hydropower generating stations to the CHPE line in New York. It is approximately 36 miles long and travels from the Hertel substation in La Prairie, Québec to an interconnection point with CHPE in the Richelieu River, at the Canada–New York border.
CHPE was constructed by four main contractors. Hitachi Energy designed, delivered, and commissioned the converter station in Astoria, Queens. Kiewit Power Constructors Co. led on-land construction activities, including the buried HVDC cable installation upstate, and the converter station in Astoria, Queens. EJ Electric installed various system upgrades, including the Astoria-Rainey Connector HVAC line, also in Astoria, Queens. NKT served as CHPE’s HVDC cable supplier and submarine cable installer.
The Transmission Developers team recently refinanced $4 billion of CHPE LLC’s construction loan in the 144a market. Based on the dollar volume of orders received, it was one of the largest utility-oriented transactions in history. The final order book of approximately $22 billion (5.5x oversubscribed) represents the third largest utility order book of all time and the largest since 2020. Many of the largest fixed income investors in the world participated in the transaction. More than 50% of the debt was placed in 10-year and 20-year bullet tranches with credit spreads across all tranches (starting at 5 years) ranging from 72bps to 92bps over US Treasuries.
The Notes Offering closed on June 11, 2026. The Notes are rated A-/Baa1 from Fitch and Moody’s, respectively.
The Company intends to use the net proceeds from the Notes Offering for the repayment of the majority of the outstanding loans under its existing credit facility and to pay deal associated costs
NYSERDA President and CEO Doreen M. Harris said, “I applaud Governor Hochul for her leadership to make this historic project a reality as the Champlain Hudson Power Express already began contributing to a clean, reliable and resilient grid last week when it delivered energy to New York City during a heatwave that saw temperatures across the state exceed 90 degrees. The culmination of deliveries under NYSERDA’s contract with Hydro-Québec is the result of a generational agreement that will continue to deliver a clean energy future for all New Yorkers for years to come.”
“This incredibly ambitious project was in development for well over a decade and would not have been possible without the support of the federal, state, and local government officials, environmental advocates, and community members who believed in and championed CHPE. We are grateful to everyone who played a role in helping us reach commercial operation,” said Justin Sauber, TDI CEO. “Most importantly, I want to thank our amazing team at TDI for their relentless effort and professionalism throughout construction, as well as our contractors and the skilled tradespeople of New York who played such an important role in building a cleaner, more secure energy future for New York City.”
“I am very honored to be here today for the celebration of the completion of this project. This has been many years in the making, but it’s a testament to the great things that can be achieved when collaborations with First Nations are considered,” said Kahsennenhawe Sky-Deer, Kanien’kehá:ka, wolf clan and former Grand Chief of the Mohawk Council of Kahnawà:ke.
“The CHPE line demonstrates cross-border partnership at its best. Canada is proud to provide reliable electricity that will help build North American innovation and grow our two economies,” said Tom Clark, Consul General of Canada in New York.
“For decades, Québec and New York have built a trusted partnership grounded in energy cooperation, policy alignment, and a shared sense of responsibility,” said Mr. David Brulotte, Québec’s Delegate General in New York and the Mid-Atlantic. “Today, the Champlain Hudson Power Express stands as the latest chapter in that history—demonstrating how our regions can lead together in the transition to a low-carbon future. By deepening our collaboration, we are not only strengthening our economies but advancing a model of cross-border decarbonization that can inspire other sectors of our economy so we can continue to deliver reliable results for the benefits of both our States. More broadly, this project also reflects Québec’s growing contribution to energy security across the northeastern United States, by providing affordable and reliable hydropower in support of clean energy progress at the regional and national levels.”
“Today, Québec and New York turn shared ambition into shared action. The Champlain Hudson Power Express is more than an energy link—it is a commitment to a cleaner, more resilient future powered by Québec’s hydroelectricity. Together, we are proving that cross-border collaboration can deliver tangible climate solutions, reduce emissions, improve air quality, and strengthen the sustainable economy our citizens expect and deserve,” said Mr. Jean Lemire, Québec’s Envoy for Climate Change, Arctic and Nordic Affairs.
“From its inception, CHPE has embodied bold vision and ambition, arriving at a pivotal moment as energy demand continues to intensify. CHPE reflects years of close collaboration and shared expertise, bringing this complex project from concept to commissioning and delivered ahead of schedule. Hitachi Energy is proud to partner with TDI and Hydro-Québec, and contribute its expertise and advanced HVDC Light® technology to what is now the largest city-center infeed in North America —enabling the efficient and reliable transmission of clean hydropower into New York City’s grid, strengthening energy security, and reducing emissions for generations to come,” said Niklas Persson, CEO of Grid Integration, Hitachi Energy.
“It has been a privilege for NKT to be a key partner in delivering the Champlain Hudson Power Express. The commercial operation of this monumental project is a major milestone reflecting strong collaboration with TDI and our partners. Together, we are delivering a complex infrastructure project that contributes significantly to the energy transition in the United States and demonstrates NKT’s leading position within HVDC technology and the execution of large power cable projects,” says Claes Westerlind, President and CEO of NKT.
“Kiewit is proud to have helped deliver the Champlain Hudson Power Express, one of the most significant transmission projects completed in North America,” said Chad Jessen, executive vice president of Kiewit Power Constructors Co. “This achievement reflects years of collaboration, technical execution and the commitment of thousands of skilled craft and project professionals who safely completed critical buried transmission infrastructure and converter station work across New York.”
“The launch of the Champlain Hudson Power Express is a significant milestone for New York’s green infrastructure and our statewide economic development,” said Gary LaBarbera, President of the New York State Building Trades. “This moment is a representation of how true investment in clean energy can create true family-sustaining union careers, pathways to the middle class, and opportunities for our local communities and hard-working New Yorkers to flourish. Our members are proud to have played a role in pushing this project across the finish line and helping New York maintain its energy goals.”
“It’s impossible to overstate just how monumental of a moment this is for Queens families overburdened by energy costs, the stability of New York City’s electric grid, and our nation’s fight against climate change. The Champlain Hudson Power Express will revolutionize energy consumption in Queens and save families billions of dollars in costs — transforming the conversation around the vital importance of clean energy,” said Queens Borough President Donovan Richards Jr. “Neither national borders nor political headwinds could derail this international partnership, and I am deeply grateful for the dedication of our Canadian partners like Hydro-QuébecNew York colleagues like Governor Hochul and everyone else who helped get the CHPE over the finish line. Today, we prove that Queens is a global leader in the clean energy revolution.”
New York Power Authority President and CEO Justin E. Driscoll said, “Our congratulations to Governor Hochul and the entire CHPE team on delivering and energizing this vital infrastructure on time. CHPE is already serving as a reliable lifeline for New York City’s power system, providing economic and community benefits for New Yorkers now that will continue for decades to come. We at NYPA are proud to be playing an important role, working closely with our partners at TDI, NYSERDA, and ConEd, in connecting the Champlain Hudson Power Express to New York City’s grid.”
Bringing more clean power into New York City — like CHPE is already doing — is the key to getting off the expensive roller coaster ride of fossil fuels, lowering air pollution, reducing our reliance on peaker plants, improving public health, and providing the reliable and affordable clean energy future New Yorkers deserve. We congratulate Transmission Developers, Hydro-Québec, Governor Hochul, and the thousands of workers who helped bring this transformative project across the finish line — it’s a reminder that when New York commits to major clean energy infrastructure, we can get it done,” said Julie Tighe, President of the New York League of Conservation Voters.
“Congratulations to Hydro-Québec, Transmission Developers, and all of the partners who helped make the Champlain Hudson Power Express a reality. This transformational project demonstrates what is possible when we invest in infrastructure that advances our climate goals and creates meaningful economic opportunities for communities across New York,” said Tom Grech, President and CEO of the Queens Chamber of Commerce. “As a longtime supporter of CHPE, I am especially proud that this historic investment terminates in Queens and will help deliver enough clean energy to meet roughly 20 percent of New York City’s electricity needs. Beyond the environmental benefits, CHPE has also created workforce development opportunities and good-paying union jobs that will have a lasting impact for everyone whose vision and perseverance brought this landmark project to fruition.”
“Energy fuels our morning coffee, our cell phones, our computers, our lights, and all the necessities of everyday life. Modern societal needs are demanding more energy, and we need to fill that demand with clean, reliable power generation. That’s why we are excited to celebrate the addition of clean hydropower powering our communities and helping to light up New York. This 339-mile transmission line was thoughtfully designed to deliver renewable hydroelectricity from Québec, Canada, directly to the heart of New York City. It is a substantive example of how we decrease our dependency on fossil fuels and diversify our energy infrastructure. CHPE is not only a significant win for advancing renewable energy, but also a win for stabilizing energy costs and providing clean air,” stated Adrienne Esposito, Executive Director, Citizens Campaign for the Environment.
Costa Constantinides, CEO of the Variety Boys and Girls Club of Queens said, “Today is a historic day and cause for great celebration. The opening of the CHPE line will provide New York City with 1250 MW of renewable energy in a way that is affordable for New Yorkers. Thank you to TDI, Hydro-Québec, Governor Hochul, NYSERDA, and everyone involved who worked so hard to deliver this incredible asset to our community. The long term benefits of cleaner air, reducing fossil fuels, and improving respiratory health will be the legacy of this effort. Congratulations to all involved!”
“Thanks to the Champlain Hudson Power Express, 20 percent of New York City’s power now comes from renewable energy,” said Peggy Shepard, Co-Founder and Executive Director of WE ACT for Environmental Justice. “This is a big step toward meeting the emissions reduction goals mandated by the city’s Climate Mobilization Act, which will help reduce the disproportionate impacts of air pollution and climate change that have been devastating communities of color and low-income for decades. It’s also proof that these types of goals are achievable – a lesson that hopefully will not be lost on our Governor.”
About the Champlain Hudson Power Express
CHPE is the longest fully-buried transmission line in North America, a 339-mile long cable that travels underground and underwater from the Canada–U.S. border to New York City, where it is capable of delivering 1,250 MW of reliable, clean hydropower energy to the New York City electrical grid, enough to provide 20% of the City’s energy needs. CHPE’s operation supports the delivery of competitively priced hydropower from Québec that is expected to lower climate emissions and local air pollutants, as well as electricity generation costs throughout the state by $17 billion over the first 25 years of operation, all the while providing increased reliability and resiliency for the downstate grid. The transmission line will also provide a $1.4 billion incremental increase in tax revenue for local communities along its route over the first 25 years of operations.
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $28 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
About Hydro-Québec
Hydro‑Québec is a leading producer, transmitter and distributor of electricity, generating the vast majority of its power from renewable sources. Drawing on world‑class hydropower and transmission expertise, the company delivers reliable, low‑carbon energy in Québec and supplies power to neighboring markets, supporting cross‑border electrification and the transition to a cleaner economy.
Hydro‑Québec partners with Indigenous communities across Québec, building long‑term collaborations based on respect, participation and shared economic opportunities.