Ares Management and Starwood Energy sign agreement to sell interest in HTP
Ares EIF, the power and infrastructure strategy at Ares Management, and Starwood Energy Group Global announced that they have signed an agreement to sell their respective interests in Hudson Transmission Partners, or HTP, to an investment vehicle managed by Argo Infrastructure Partners. Financial details were not disclosed. A subsidiary of PowerBridge of Fairfield the developer of the project, will continue to operate and maintain the asset on behalf of Argo Infrastructure and other stakeholders. The transaction is subject to customary regulatory approvals and is expected to close later in 2018 or in early 2019. HTP is a joint venture formed solely to develop, construct, operate and maintain the Hudson Transmission Project, a 660 MW High Voltage Direct Current electric transmission system connecting the PSEG-North zone of the PJM Interconnection to the New York Independent System Operator Zone J power market via a subsea cable beneath the Hudson River.