The Canada Infrastructure Bank (CIB) and ITC Investment Holdings have joined to invest C$1.7 billion ($1.4 billion) in an underwater transmission line connecting Ontario to Pennsylvania, according to various news reports.
The transmission line will run 117 kilometers (73 miles) under Lake Erie, and will link Ontario with the PJM Interconnection. ITC acquired the project in August 2014.
The CIB will invest up to C$655 million ($521 million), or 40 percent of the project cost, and ITC and private sector lenders will contribute up to C$1.05 billion ($835 million).
The deal is expected to close later this year, with construction to begin soon after.