GridLiance High Plains, an independent transmission company and subsidiary of GridLiance Holdco, LP (GridLiance), recently closed on a $65 million revolving credit facility with KeyBank, N.A. The revolver will be used to finance the companys growth, support capital projects and fund general corporate expenses.
We are pleased to announce the closing of this financing, which provides us with increased financial flexibility and is a sign of the companys continuing development and strong growth trajectory. This financing will support our growth in new and existing regional transmission markets, as well as current capital projects, said President and CEO Calvin Crowder. This is a very important achievement for the company, and I congratulate our CFO Alison Zimlich and the finance team for leading us through this process.
This year, GridLiance has already announced two transmission asset acquisitions as well as an approximately $40 million capital transmission improvement project in southern Nevada. GridLiance currently owns and operates approximately 600 miles of transmission lines and related substations nationwide.
GridLiance is an independent electric transmission utility holding company. GridLiance partners with electric cooperatives, public power and renewable energy developers to plan for the future of the grid, invest in electric infrastructure and implement strategies that meet its partners ownership, capital investment and operational goals. Based in Dallas, GridLiance operates hundreds of miles of transmission lines and related substation facilities in Nevada, Missouri and Oklahoma. The company has long-term partnerships with utility partners operating in Missouri, Oklahoma, Nevada, Texas and Kansas. GridLiance is a portfolio company of Blackstone Energy Partners, an affiliate of Blackstone (NYSE:BX), a leading energy infrastructure investor. For more information about GridLiance, visit gridliance.com.
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Director, Corporate Communications