10:49 AM EDT, 05/28/2024 (MT Newswires) -- Portland General Electric ( POR ) said Tuesday that it signed a memorandum of understanding with Grid United and ALLETE ( ALE ) to develop the North Plains Connector transmission line.

The company said they will work to finalize definitive agreements over its participation, which is expected to involve a 20% ownership share of the project.

The line is set to be constructed with endpoints near Bismarck, North Dakota, and Colstrip, Montana. The project represents about $3.2 billion total investment in Montana and North Dakota, the firm said.

Per the terms, Grid United will continue to fund the line's development, and Portland General Electric ( POR ) will invest when regulatory approvals and permits have been secured, the company said.

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