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Pension Funds

CalPERS buys 80% stake in wind farms

CalPERS is acquiring an 80% stake in two wind farms in Kansas and Oklahoma for $233 million, according to news releases.

The California Public Employees' Retirement System, Sacramento, is buying the stake from Enel Green Power North America, an Enel Group company, which develops and operates renewable energy plants globally. Enel will retain a 20% equity interest in Rocky Caney Holdings, the holding company for the wind farms, and will continue to manage, operate, and perform maintenance activities at both wind farms, releases from $344.4 billion pension fund and Enel show.

CalPERS made the investment through its Gulf Pacific Power separate account, an existing partnership between CalPERS and Harbert Management Corp. CalPERS said in its release it wants to grow the assets in the separate account further.

CalPERS spokeswoman Megan White said officials would not be available to discuss the deal.

The Caney River wind farm in Kansas began commercial operations in 2011 and sells all of its output under long-term contracts to the Tennessee Valley Authority. The other facility, Rocky Ridge in Oklahoma, began commercial operations in 2012, selling its output to Western Farmers Electric Cooperative, also in long-term contracts.

Rocky Caney Wind is the second renewables investment for CalPERS and follows the earlier acquisitions of Desert Sunlight, a solar photovoltaic power generation facility in Riverside County, Calif.