Neptune Regional Transmission System, a 65-mile submarine power transmission cable connecting New Jersey and Long Island, received an approximately $100m investment.
Ridgewood Private Equity Partners made the investment on behalf of entities representing the State of Michigan Retirement Systems and a major family office.
Neptune Regional Transmission System has capacity of 660-Megawatt high-voltage direct-current that is fully contracted with the Long Island Power Authority under a long-term agreement.
Since initiating operation in mid-2007, the company has provided, on average, approximately 20% of the electricity for Long Island. It is based in Fairfield, CT.