Power Network and the New Mexico Renewable Energy Transmission Authority (RETA) are jointly developing the Power Network transmission line, also known as the Central New Mexico Collector System.
After completion, the transmission line will collect 1,500MW of renewable power from east-central New Mexico and deliver it to markets in the western US.
The project is expected to attract new investment of over $2bn in renewable generation and transmission and improved reliability of the New Mexico transmission grid.
Clean Line said the project will save scarce water resources as well as reduce air and water pollutants and carbon dioxide emissions by allowing more wind generation in the energy supply mix.
Financial terms of the transaction were not disclosed and the agreement requires approval from the New Mexico Public Regulation Commission.
RETA, which was created in 2007 by the New Mexico legislature, has the authority to finance, plan, acquire, maintain and operate transmission and energy storage facilities.
