Teacher Retirement System of Texas is co-investing in Champlain Hudson Power Express (CHPE) – a Blackstone-backed 339-mile, underground renewable-energy transmission project in New York.

The pension fund disclosed in a meeting document that it has approved a $50m (€46.4m) commitment to Blackstone CHPE Co-Invest, a vehicle that will co-invest in the CHPE project being developed by the Blackstone-owned Transmission Developers Inc.

The project is an underground electric transmission line from the US-Canada border to Queens in New York City. The overall project is expected to cost around $6bn and will deliver 1,250MW of hydropower to New York City.

Blackstone declined a request for comment.

Texas Teachers has also approved a £37m (€42m) commitment to Luppiter Ventures 1, an entity managed by Macquarie Asset Management.

The pension fund said the capital will be invested in core transactions in developed markets.

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