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May 12 , 2006
- For Immediate Release
Reston, VA - Trans-Elect, Inc., North America’s first independent transmission company, released the following statement regarding today's announced sale of METC by Trans-Elect and its partners to ITC Holding Corp. Trans-Elect will continue to pursue transmission development opportunities and is supported in these efforts by an affiliate of GFI Energy Ventures LLC which owns 87 percent of Trans-Elect and will continue to provide working capital and development funding for the company.
Bob Mitchell, Trans-Elect's Managing Director and Chief Development Officer:
Trans-Elect will continue as a transmission development company with GFI Energy Ventures financially supporting our efforts. We are currently engaged in an exciting opportunity to develop the expansion of TOT 3 – a corridor connecting Wyoming and Colorado – with the Wyoming Infrastructure Authority and Western Area Power Administration. We also will continue working with utilities, wind, solar and fossil fuel developers on additional projects and joint development agreements yet to be announced.
Fred Buckman, Chair of Trans-Elect's Board of Directors:
This is an excellent time to be in the electric transmission development business as an independent entity. America has awakened to the need to modernize the transmission grid after twenty years of falling behind growing demands for electricity. Trans-Elect will continue to aggressively deliver transmission infrastructure that will improve reliability so that all consumers of electricity will benefit.
About Trans-Elect, Inc.:
Trans-Elect was formed in 1999 to pursue the development of independently owned transmission in North America with the twin objectives of increasing the reliability of the system and lowering costs to consumer. Since 2002, Trans-Elect acquired interests in the AltaLink transmission system in Alberta, Canada, purchased Consumers Energy’s Michigan transmission system and secured financing to construct the desperately needed expansion of the Path 15 transmission line in California. Trans-Elect is currently in working with the Wyoming Infrastructure Authority and the Western Area Power Administration to develop the TOT-3 transmission corridor in eastern Wyoming, as well as actively pursuing several other transmission system acquisitions and capacity upgrades. Trans-Elect’s Managing Directors are Robert L. Mitchell, Stephen A. Shulman, and Paul D. McCoy. Fred Buckman is Chairman of Trans-Elect's Board of Directors. www.trans-elect.com
About GFI Energy Ventures LLC:
GFI is a private equity firm which has initiated and led over 50 investments in the energy sector over the past ten years. GFI is the co-general partner with Oaktree Capital Management of the OCM/GFI Power Opportunity Funds through which they currently manage over $1.4 billion of capital. GFI invests exclusively in successful, profitable businesses providing the equipment, software, services, and systems needed by utilities and other energy companies to compete successfully at a time of major sector change. |
