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.
To read the latest edition of the latest IPE Real Assets magazine click here.