ArcLight Capital

  HOUSTON, HONG KONG, LONDON and GREENWICH, Conn., Dec. 15, 2011 /PRNewswire/ -- First Reserve Corporation ("First Reserve") announced today that it has agreed to acquire a diversified portfolio of U.S. contracted natural gas fired power generation plants totaling 1,068 MW ("the Power Portfolio") from Arclight Capital. The new entity will be named the FREIF North American Power I. As part of the agreement, the California Public Employees' Retirement System will acquire the Neptune Regional Transmission System ("Neptune"), a 660-MW HVDC transmission line connecting NY Zone K with PJM. First Reserve's Energy Infrastructure Fund will take a controlling ownership position in the Power Portfolio, and CalPERS' investment will result in direct ownership of ...