NextEra Energy Transmission, a subsidiary of NextEra Energy, has completed its acquisition of Trans Bay Cable (TBC) from affiliates of Steelriver Infrastructure Fund North America.
Financial terms of the transaction were not disclosed.
TBC is a transmission utility that owns a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission and revenues paid by the California Independent System Operator.
The cable system extends from Pittsburg, Calif., to San Francisco and can provide more than 40 percent of the electrical power used in San Francisco. TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for greater resiliency of the electric grid in that region.
NextEra Energy Transmission develops, finances, constructs, operates and maintains transmission assets across North America. The company operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid.