Atlantic Power Transmission LLC, a Blackstone Infrastructure Partners Portfolio Company, Announces $50 Million Commitment to New Jersey Workforce Development
27 April 2022 - 11:30PM
Business Wire
Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX)
portfolio company, announces a $50 million commitment to workforce
development in New Jersey. The commitment contributes towards
creating a workforce hub for the burgeoning offshore wind industry
in the Northeast region and the state, addressing one of the
recommendations outlined by the New Jersey Offshore Wind Strategic
Plan. APT remains committed to this smart, coordinated approach at
this critical early stage in the development of the nation’s
offshore wind market.
APT will initiate this investment into the New Jersey workforce
upon award of its bids to provide transmission supporting the
delivery of 3,600MW of offshore wind power to the existing
electrical grid under the New Jersey Offshore Wind SAA Transmission
Solicitation initiated by the New Jersey Board of Public Utilities
and PJM Interconnection. This funding commitment of $50 million
over ten years will support workforce development investment in New
Jersey’s education, training, and research institutions.
APT has prioritized and actively partnered with its New Jersey
Union Coalition in support of its bids and will continue to further
expand the existing partnership that APT and Blackstone have with
labor. The project’s broad-based New Jersey Union Coalition
includes Eastern Atlantic States Regional Council of Carpenters;
International Union of Operating Engineers Locals 825 & 25;
Iron Workers Local 399; and International Brotherhood of Electrical
Workers Local 456.
APT has engaged New Jersey workforce development programs to
help ensure New Jersey’s workers will be well prepared to lead the
next phase of the development of the offshore wind industry. APT
and its Alliance Partners – industry leaders with established
offshore wind transmission experience – are committed to using our
collective expertise and resources in offshore wind development to
map out new, high-impact technical and professional employment
opportunities for New Jersey citizens. As part of this workforce
development initiative and investment, APT is actively
collaborating with local enterprises with a focus on Diversity,
Equity & Inclusion, statewide leadership, and Middlesex
academic institutions, including Middlesex College and Middlesex
County Vocational and Technical Schools.
Commenting on the announcement, APT CEO Andy Geissbuehler said,
“This generational investment will support New Jersey and the
development of its workforce that will be necessary to build this
new industry and to establish a new national standard for wind
transmission. Investing in New Jersey’s workforce is crucial for
the future of clean energy and this commitment to the next
generation of New Jersey families reflects our company’s
values.”
Sebastien Sherman, Senior Managing Director at Blackstone,
added, “As experienced developers, we recognize that we only win if
communities we are serving win alongside us. APT’s collaboration
with key stakeholders, including the New Jersey Union Coalition, on
proactive design of workforce development programs and development
of local content opportunities will cement New Jersey’s first-mover
advantage in the burgeoning offshore wind transmission sector for
decades to come.”
APT’s project is expected to generate $1.5 billion in economic
benefits to New Jersey, including enabling 1,000 direct jobs per
year during 5 construction years. Beyond these quantifiable
benefits, APT and the New Jersey Union Coalition are working to
establish New Jersey’s industry leadership by focusing on
maximizing local manufacturing opportunities, including working
with local companies and building components in-state. APT is in
the process of developing sites to assemble 6,000-ton substation
foundations and additional sites to install sensitive electrical
equipment into substations.
William Sproule, Executive Secretary-Treasurer of the Eastern
Atlantic States Regional Council of Carpenters remarked, “We
wholeheartedly support the APT project with Blackstone. Their
initiatives, strategic planning, and the discussions that we’ve
been having even before construction starts is going to be
extremely beneficial to New Jersey residents and help create more
jobs in the construction industry as well as give us the ability to
recruit new members into our union, into our apprenticeship, and
provide them with career training and life-sustaining jobs with
good pay and benefits”.
Blackstone has more than a decade of experience investing in
renewable energy and climate change solutions and has long worked
with the skilled men and women of America’s labor movement. Since
2019, Blackstone has committed over $16 billion in investments that
it believes are consistent with the broader energy transition.
Blackstone Infrastructure helped launch Atlantic Power Transmission
LLC in 2021 to develop, construct and operate planned transmission
systems along the US East Coast.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $915 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity,
infrastructure, life sciences, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor across
energy, transportation, digital infrastructure and water and waste
infrastructure sectors. We seek to apply a long-term buy-and-hold
strategy to large-scale infrastructure assets with a focus on
delivering stable, long-term capital appreciation together with a
predictable annual cash flow yield. Our approach to infrastructure
investing is one that focuses on responsible stewardship and
stakeholder engagement to create value for our investors and the
communities we serve.
Atlantic Power Transmission LLC (“APT”)
APT is a Blackstone Infrastructure Partners Portfolio Company,
headquartered in Princeton, New Jersey and is dedicated to
developing, constructing and operating planned transmission systems
along the US East Coast to enable efficient interconnection of
commercial scale offshore wind facilities.
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Paula Chirhart Paula.Chirhart@Blackstone.com 347-463-5453
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