DiNapoli: NYS Pension Fund Invests $15 Million in
Invenergy’s High Sheldon Wind Farm
High Sheldon Wind Turbines Start Power Production
The New York State Common Retirement Fund (the Fund) invested $15 million in Invenergy’s High Sheldon Wind Farm, located in Wyoming County, through Credit Suisse Customized Fund Investment Group, State Comptroller Thomas P. DiNapoli announced today.
“Invenergy’s High Sheldon Wind Farm is a perfect example of how we can do well for the members of the Retirement System while doing good for New York businesses and the environment,” DiNapoli said. “High Sheldon Wind Farm is creating clean and renewable energy for use in New York state. This is a great investment for the pension fund, and a good step toward making New York and the country more energy independent.”
Invenergy’s High Sheldon Wind Farm’s 75 wind turbines began generating power in March and are feeding the energy to New York state’s electrical grid. The wind farm has the capacity to generate 112.5 MW of energy. As part of its In-state Private Equity Program, the Fund invested $15 million in the High Sheldon Wind Farm through its investment partner Credit Suisse.
“We are pleased the New York State Common Retirement Fund is helping finance this clean energy project which is both financially and environmentally appealing,” said Nadim Barakat, a Managing Director in the Customized Fund Investment Group at Credit Suisse. “The project will generate enough electricity to power 25,000 homes and contribute to New York achieving the renewable energy standard it has established of generating 25 percent of New York’s electricity from renewable sources by 2013.”
“We view the completion of this transaction as a vote of confidence by our investors in our strategy and execution capabilities,” said Michael Polsky, Invenergy’s CEO. “With the commencement of commercial operation and funding of the High Sheldon Wind Farm, we stand poised to explore other wind energy projects that will benefit the residents of New York.”
The renewable energy generated by High Sheldon Wind Farm is delivered to the electrical grid through an underground collection system that moves energy from the wind turbines to an on-site substation. The wind farm interconnects to the transmission system of New York State Electric & Gas Company at a new switch station constructed adjacent to NYSEG’s 230 kilovolt No. 67 Stoelle Road — Meyer transmission line, and delivers its renewable energy for sale in the New York Independent System Operator market through this interconnection.
Through the In-state Private Equity Program, the Fund invests with private equity managers who seek to invest in companies in New York state that require capital for growth. The program, created in 1999, targets investment of state funds in the New York state economy. The program is designed to provide investment returns consistent with the risk of private equity while also expanding the availability of capital for New York businesses. The program aims to help generate jobs and private sector investment in the state.
Since 2000, $403.6 million has been invested in 127 companies through the In-state Private Equity Program. The Fund has achieved a 30 percent rate of return on the investments it has exited. DiNapoli added $478 million to the program since he took office in 2007, bringing the total amount committed to the program to $931 million. The Fund has approximately $528 million available to invest in New York-based companies. DiNapoli will be holding a meeting in Buffalo on June 25 to inform New York entrepreneurs and businesses about the opportunities available through the In-State Program. Learn more about the In-State Program.
About the Common Retirement Fund
The New York State Common Retirement Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.
About Credit Suisse Customized Fund Investment Group
The Credit Suisse Customized Fund Investment Group is one of the world’s leading managers of private equity fund-of-fund and co-investment programs, with nearly $22 billion of commitments to more than 750 private equity funds and portfolio companies. CFIG specializes in developing customized private equity investment programs that address the specific needs of investors. The group develops fund and co-investment programs for sophisticated, active investors who have a specific portfolio need to complement their current private equity holdings and for emerging investors who need assistance with asset allocation, portfolio development and administration, due diligence, and other advisory services, or any combination thereof.
Invenergy and its affiliates are focused on the development, ownership, operation and management of large-scale wind energy and other clean energy generation assets in the North American and European markets. The Invenergy companies have approximately 2,000 MW of wind projects and 2,800 MW of natural-gas fired generating projects in operation or construction as of December 2008. Invenergy is one of the ‘top 5’ wind energy developers in North America.