First Reserve Buys Portfolio from Arclight Capital

First Reserve Corp. is acquiring a portfolio of natural gas fired power generation plants from Arclight Capital, the firm announced Friday. Also, as part of the deal, the California Public Employees’ Retirement System will acquire the Neptune Regional Transmission System. 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 75% of the Class C shares of Neptune, the firm announced. Terms of the deal were not released.

DealsNorth AmericaUSBriefs