calpers

Business & Real Estate
By Dale Kasler

dkasler@sacbee.com
March 23, 2016 – 1:46 PM

  • Company operates big solar facilities near Palm Springs
  • Plants sell energy to utilities in California

CalPERS said Wednesday that it’s buying a significant stake in a solar energy company with operations near Palm Springs.

The California Public Employees’ Retirement System said it has agreed to buy up to 25 percent of Desert Sunlight Investment Holdings, which owns two big solar generation facilities near Palm Springs.

The price wasn’t disclosed. But previous deals suggest it was substantial: Last June, a 25 percent share of Desert Sunlight was sold to a New Jersey company called NRG Yield Inc. for $285 million, according to Securities and Exchange Commission filings.

The two solar plants, opened in late 2014, sell their energy to California utilities via long-term contracts.

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