Achi news desk-
Hydro-Québec and the Mohawk Council of Kahnawake signed an agreement today to jointly own a transmission line that will export electricity to New York City.
The Mohawk community southwest of Montreal will hold a minority stake of at least 10% in the Hartle-New York link, allowing them to earn dividend income.
Hydro-Quebec president and CEO Michael Savia says the community can expect an annual return of about eight percent on its investment.
A 10 percent participation is a minimum, and Grand Chief Kahsennenhawe Sky-Deer says the Mohawk Council can opt for up to a 49 percent share of the project.
The exact dollar figure of Kahnawake’s investment has not been disclosed, but based on the total equity investment required for the project, it could range from about $10 million to $50 million, depending on what part of the project Kahnawake decides to take.
Once operational in 2026, the 58-mile, 400-mile underground transmission line will run from the Hertel substation in La Prairie, Queens, to the New York state border, carrying enough electricity to power a million homes.
Sky-Deer noted that ironworkers from its community helped build skyscrapers in Manhattan. “And now Kahnawake will contribute to the city in another way, by bringing renewable energy to light the skyline the Mohawks helped build,” she said in a statement. “This agreement is particularly remarkable because it will be the first time that Hydro-Québec has shared ownership of its transmission infrastructure with a third party and a First Nation community.”
This report by The Canadian Press was first published on April 18, 2024.
