CalPERS Acquires Stake in California Solar Power Asset
The California Public Employees’ Retirement System (CalPERS) is acquiring up to a 25% ownership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic power generation facilities located 60 miles east of Palm Springs, in eastern Riverside County, California. It was once one of the largest solar power plants in the world. CalPERS will purchase the ownership stake from Sumitomo Corporation of Americas, a subsidiary of Sumitomo Corporation, through its Gulf Pacific Power, LLC vehicle, a partnership between CalPERS and Harbert Management Corporation, one of its external infrastructure investment managers. K&L Gates acted as legal counsel to Gulf Pacific Power for the transaction. Sumitomo Corporation of Americas was advised by BofA Merrill Lynch and Chadbourne & Parke, LLP.
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