MILWAUKEE – NM
Neptune LLC, an indirect wholly-owned subsidiary of Northwestern
Mutual, has acquired Starwood Energy's 25 percent Class C stake
in the Neptune Regional Transmission System.
The 65-mile high-voltage, direct-current underwater transmission
cable connects Sayreville, N.J., to Long Island, N.Y. The system
has been operational since 2007, with its 660 megawatts of
capacity fully contracted to the Long Island Power Authority
under a 20-year agreement, according to a statement.
"Neptune represents a significant addition to our infrastructure
equity platform that we formally launched in 2013 within
Northwestern Mutual Capital. The combination of current yield
from an asset with strategic importance to the power markets of
the Northeastern United States is very attractive," said Ron
Joelson, executive vice president and chief investment officer
for Northwestern Mutual. "Our investment objective is to
generate superior returns while maintaining a well-balanced and
diversified investment portfolio to preserve the company's
exceptional financial strength."