CalPERS buys stake in wind farms to expand renewable energy holdings

The California Public Employees’ Retirement System is acquiring an 80% stake in Rocky Caney Holdings, the owner of two wind farms in US, for an undisclosed sum.

CalPERS said the cash equity stake was acquired from Enel Green Power North America.

Enel will retain the remaining 20% and will continue to manage, operate and maintain the wind farms.

They include the Caney River facility in Elk County, Kansas, a 200MW facility that began commercial operations in late-2011, selling all of its output to the Tennessee Valley Authority.

The other is Rocky Ridge, a 149MW facility that began commercial operations in early-2012, selling its output to Western Farmers Electric Cooperative. Both facilities sell their output under long-term contracts.

Ted Eliopoulos, CalPERS chief investment officer, said: “This is a great opportunity for CalPERS to expand our renewable energy holdings.

“The wind farms are not only an important source of clean energy, they also meet the strategic role of our real assets programme.”

CalPERS made the investment through the Gulf Pacific Power (GPP) account, an existing partnership between CalPERS and Harbert Management Corporation.

GPP pursues North American power assets, and includes a dedicated mandate for renewables, which CalPERS is seeking to grow further.

Rocky Caney Wind is the second renewables investment for GPP and follows the earlier acquisitions of Desert Sunlight, a 550MW solar photovoltaic power generation facility in eastern Riverside County, California.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • DS-2382

    Closing date: 2017-12-14.

  • QN-2383

    Asset class: Residential Property.
    Asset region: Ireland.
    Size: EUR 10m.
    Closing date: 2017-12-18.

  • QN-2384

    Asset class: Equities Switzerland (Large Caps).
    Asset region: Switzerland.
    Size: CHF 550 – 600 mn.
    Closing date: 2017-12-15.

  • QN-2385

    Asset class: Liability Driven Investment.
    Asset region: Europe.
    Size: Size: EUR 1 Billion, Liability size: EUR 3 Billion.
    Closing date: 2018-01-08.

  • QN-2386

    Asset class: Fixed income.
    Asset region: Global developed markets.
    Size: CHF 500 -1000m.
    Closing date: 2018-01-15.

  • DS-2392

    Closing date: 2017-12-21.

  • QN-2393

    Asset class: All/Large Cap Equities.
    Asset region: Europe.
    Size: EUR 200m.
    Closing date: 2017-12-21.

  • QN-2394

    Asset class: Real Estate Industrial.
    Asset region: Europe.
    Size: EUR 10m.
    Closing date: 2018-01-04.

Begin Your Search Now