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 currently engaged in the development of two other major transmission lines in the northeastern U.S. – Hudson Transmission and the Green Line – as well as other energy and infrastructure projects.
Starwood Energy Group Global, LLC and CalPERS, California Public Employees’ Retirement System, are the principal equity investors in Neptune RTS.
Starwood Energy Group Global, LLC is an affiliate of Starwood Capital Group Global, LLC, a privately held global investment management firm based in Greenwich, Connecticut, that specializes in real estate-related investments. Its clients include many of the nation’s leading public and private retirement programs, university endowments and foundations, Starwood has completed over 300 transactions representing assets in excess of $8.0 billion and maintains offices in Tokyo and London in addition to its four US offices.
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.
Atlantic Energy Partners, L.L.C. (AEP) is the original developer of the Project and maintains an economic interest. AEP’s member companies are:
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 owend by several individuals including current and former members of the Portland, Maine law firm, Curtis Thaxter LLC. 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.