The $219 billion California Public Employees’ Retirement System (CalPERS) has made its second direct infrastructure investment, acquiring a stake in the Neptune Regional Transmission System, a 105-kilometer underwater electric power transmission line that runs from Sayreville, N.J., to Hicksville, N.Y.
The deal for the transmission line is expected to close in first quarter 2012. Terms of the agreement were not disclosed.
“This agreement is a good fit for our growing infrastructure program,” says Joseph Dear, CIO of CalPERS. “It’s an income-generating investment with stable revenues located in the United States, very much in line with the type of investment we said we would be looking to make when we described our vision for infrastructure in September.”
The agreement to purchase an interest from Arcl