First Reserve will acquire a diversified portfolio of U.S. gas-fired power plants totalling 1,068 MW from Arclight Capital. The new entity will be named the FREIF North American Power I. The portfolio consists of Crockett Cogen Project, a 240 MW gas CHP plant located in Crockett (California), Hobbs Generating Station, a 604 MW CCGT power plant located in Hobbs (New Mexico), the Borger Plant, a 230 MW natural and refinery gas CHP plant located in Borger (Texas) and Waterside Power Holdings, a 72MW oil-fired peaker plant located in Stamford (Connecticut).
The California Public Employees’ Retirement System (CalPERS) will acquire the Neptune Regional Transmission System, a 660 MW HVDC transmission line, connecting Sayreville (New Jersey), and Hicksville, Long Island (New York).
Terms of the transactions were not disclosed and are expected to close in the first quarter of 2012 subject to regulatory approvals.
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