Maine's top court upholds legality of key lease for Avangrid's $1B power line

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The Maine Supreme Judicial Court ruled Tuesday the state acted within its constitutional authority in granting a lease to developers of the New England Clean Energy Connect transmission line project.

The court ruled the Maine Bureau of Parks and Lands acted within its authority in leasing a one-mile stretch of the 145-mile power line.

The project remains on hold pending the outcome of another legal case focusing on the constitutionality of a referendum last year in which Maine voters rejected the project.

Avangrid's (NYSE:AGR) Central Maine Power and Canada's Hydro Quebec are partners on the $1B project that would supply up to 1,200 MW of Canadian hydropower to the New England electricity grid, powering ~1M homes.

Avangrid (AGR) recently told Massachusetts regulators it wants to move forward with the 1,200 MW Commonwealth Wind offshore project.