Owners and Investors
PowerBridge, LLC of Fairfield, Connecticut, through its subsidiary Neptune Power Ventures, LLC, is the sole managing member of Neptune Regional Transmission System, LLC (Neptune RTS), which is responsible for owning, constructing, and operating the Neptune transmission line. Owners of Neptune RTS include the principal equity investors and the original development company for the project. PowerBridge is also responsible for development, construction and operation of the Hudson Transmission Project and is currently engaged in the development of West Point Transmission as well as several other energy and infrastructure projects.
Energy Investors Fund and Starwood Energy Group Global, LLC were the original principal equity investors in Neptune RTS. Currently, the principal equity partners are CalPERS, California Public Employees’ Retirement System, NM Neptune, LLC, an affiliate of the Northwestern Mutual Life Insurance Company, Ullico Inc., an insurance and financial services company that focuses on the union market, and Ridgewood Private Equity Partners.
CalPERS is the nation’s largest public pension fund with assets totaling $237.6 billion. CalPERS investment portfolio is diversified into several asset classes and follows a strategic asset allocation policy that targets the percentage of funds to be invested in each asset class. The growing infrastructure investment portfolio includes transportation, energy, natural resources, utilities, water, and communications. Neptune marks CalPERS second direct infrastructure investment, following the purchase of an equity stake in London’s Gatwick Airport in 2010. CalPERS acquired its interest in Neptune from ArcLight Capital Partners in 2012.
NM Neptune, LLC is an entity within Northwestern Mutual Capital, a subsidiary of The Northwestern Mutual Life Insurance Company, which manages over $33 billion of private assets for its clients across a portfolio of investment grade private placements, mezzanine and equity co-investments in private equity transactions and private equity funds. Northwestern Mutual has more than $217 billion in assets and offers a wide range of financial security products and services.
Ullico has been serving labor families for more than 85 years with a wide range of insurance products, as well as investing in major construction projects and in the energy and utilities sector. The Ullico family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. Ullico acquired its interest in Neptune in 2014.
Ridgewood Private Equity Partners (RPEP) is an investment firm that focuses on energy and infrastructure real asset investments in partnership with leading management teams and operating companies. RPEP uses its deep domain expertise and flexible investment approach to deliver a diverse set of capital solutions to those seeking a like-minded investment partner. RPEP’s strategy focuses on multiple real asset sectors including power transmission, midstream energy, power generation, utilities, and transportation, among others. Ridgewood Private Equity Partners is part of the affiliated Ridgewood Companies, which have sponsored and manage specialized private equity investment funds, with total capital and commitments to date of over $7 billion, focused primarily on energy, infrastructure, and other real asset investment strategies.
Atlantic Energy Partners (“AEP”) was the original development company for the project; its members are identified below:
Anbaric Holding, through a subsidiary, was an AEP founding partner. Anbaric Transmission develops innovative projects that deliver new generating resources, especially renewable resources, onto the electric grid. Anbaric uses smart-grid solutions, such as HVDC systems, to solve challenging grid problems where easy solutions are not immediately apparent.
Cianbro Development Corporation of Pittsfield, Maine, which provided project management, development and construction experience to Neptune. The Cianbro Companies have approximately $300 million in annual sales, including power plant and transmission infrastructure construction in the Northeast and Mid-Atlantic states.
CTSBM Investments, LLC is an investment entity owned by several individuals including current and former members of the Portland, Maine law firm Curtis Thaxter. Curtis Thaxter has served as legal advisors for over ninety generation facilities in the U.S. as well as public utilities. Founding member Kenneth Curtis is former Governor of Maine and U.S. Ambassador to Canada. Members of the firm serve as general and regulatory counsel to Neptune RTS.
Standard Energy Development, Inc., through its affiliate William Alexander & Associates Ltd, is a Canadian based member of AEP. Notable clients of William Alexander include: Maritimes and Northeast Pipeline, Sable Offshore Energy, and Nova Scotia Power.
Boundless Energy LLC is an affiliate of Tompkins Research and Management Consulting (TRMC), which was formed by E. John Tompkins to provide consulting services to the energy industry. TRMC experience includes the initial development of the Westbrook Energy Center, a 560 MW CCGT project, and in developing HVDC technology and transmission interconnections.