Project Name: Lake Erie Connector
Partner: ITC Investment Holdings
Location: Nanticoke, Ontario and Erie, Pennsylvania
Sector: Clean Power
Commitment: $655 million
Description: The Lake Erie Connector project is a 1,000-megawatt underwater transmission line connecting converter stations located in Nanticoke, Ontario and Erie, Pennsylvania. The 117-kilometre high-voltage direct current connection will help improve the reliability and security of Ontario’s energy grid while significantly reducing greenhouse gas emissions between both power markets.
With the development of this project, Ontario will gain direct access to the largest electricity trading market in North America. The project will help Ontario to optimize its current infrastructure, avoid costs associated with existing production curtailments or shutdowns. The project will also limit the construction of new power plants and leverage existing transmission lines to support electricity demand throughout the grid.
Benefits of the CIB Involvement
CIB participation enhances project viability, improves taxpayer value and benefits all electricity consumers in Ontario. The CIB aims to address a potential funding gap in the project by providing low-cost financing to reduce revenue needs while satisfying all project development requirements.
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