Argo Infrastructure Partners used US$120 million of privately placed debt to fund a portion of the acquisition of the Cross-Sound Cable project in August 2015. This undersea cable project transmits power from renewable-rich New England into Long Island, New York, which has historically faced both gas and electric transmission constraints.
The financing received an overall score of ‘E1 /87’. E1 is the strongest Green Evaluation score on S&P’s scale (with E4 the lowest). This reﬂects strong scores in the Transparency (86/100) and Governance (78/100) criteria, as well as substantial carbon savings resulting from the displacement of fossil fuel-based generation with renewable power. The cable transmits renewable energy from New England to displace largely carbon-based electric generation in renewable resource-constrained Long Island, resulting in a strong Mitigation score of 91/100.
Following distribution by Moorgate, news of the Green Evaluation was covered by Public Power Daily.