Granite State Power Link promises $20m economic development initiative
40-year revolving loan, grant fund launched by National Grid-backed transmission project
Just as the developers of the proposed Northern Pass electric transmission project have done, the people behind the Granite State Power Link plan have unveiled what they call a “significant benefits package to support economic growth and opportunities along the project’s route in New Hampshire.”
Granite State Power Link, or GSPL, is being co-developed by GridAmerica Holdings Inc., an affiliate of National Grid, and Boston-based Citizens Energy. They, along with the Northern Community Investment Corp. of St. Johnsbury, Vt., made the announcement of a 40-year, $20 million revolving loan fund they say will “support and promote economic and community development and employment opportunities through a revolving loan fund and economic and community development grants to route host communities.”
The 1,200-megawatt GSPL, which is proposed to run from northern Vermont and into New Hampshire at Monroe and then to Londonderry, will transmit wind power energy generated in Canada to customers in New England. About 97 percent of the project will be using existing structures and rights-of-way, officials said.
Jon Freeman, NCIC’s president, said the economic development initiative “means our programs can support more growing businesses and employment initiatives in communities across the region, ranging from workforce development to small business capital investments. It’s a win-win for New Hampshire, and we’re proud to be a part of it.”