Champlain Hudson Power Express said Tuesday it has closed on the financing needed to build its roughly $6 billion underground transmission line linking Quebec and New York City.

All major permits for the 340-mile U.S. portion of the 1,250-MW transmission line are in place, and construction will begin this fall in New York, CHPE said. Government permits for the 36-mile Canadian portion of the project are anticipated in summer 2023, and completion is projected in spring 2026.

Along with construction costs, the project price tag includes tens of millions of dollars for community benefit projects over the next several decades.

“The project financing announced today is an important step toward starting construction and beginning to realize the tremendous economic and environmental benefits this project will provide to residents, organizations and municipalities throughout the state,” Donald Jessome, CEO of TDI-USA Holdings, CHPE’s parent, said in a news release Tuesday. “We look forward to watching our community partners move forward with vital projects that will improve the communities they live and work in, and to soon begin delivering clean, renewable energy to New York City.”

CHPE has been in the works for more than a decade: It was first proposed in 2010, and it received approval from the New York Public Service Commission in 2013.

It is an important part of the state’s decarbonization strategy, as it will bring more than 1 GW of zero-emission hydroelectric power to a region that now relies heavily on fossil-generated electricity.