Avista Corporation (NYSE:AVA) today signed a nonbinding memorandum of understanding with North Plains Connector LLC, a wholly owned entity of Grid United, in the development of the North Plains Connector, an approximately 420-mile high-voltage direct-current (HVDC) transmission line to be constructed with endpoints near Bismarck, North Dakota and Colstrip, Montana. The parties will now work to finalize definitive agreements regarding Avista's participation, which is expected to involve a 10% ownership share of the project.

Under the terms of the memorandum of understanding, North Plains Connector LLC will continue to fund the development of North Plains Connector. Avista would invest when the project is operational.