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Ridgewood Infrastructure selling managed stake in Neptune HVDC line

Ridgewood Infrastructure LLC is selling its managed interest in the 660-MW Neptune Regional Transmission System. Details of the transaction were not disclosed.

Neptune is an operating 65-mile undersea and underground high-voltage, direct-current transmission line connecting New Jersey and Long Island. Its capacity is fully contracted with Long Island Power Authority under a long-term agreement, according to a March 14 news release.

In 2015, Ridgewood Infrastructure affiliate Ridgewood Private Equity Partners invested $100 million on behalf of entities representing the Michigan-managed pensions and a major family office for an approximately 40.8% of class B indirect interests in Neptune.

RBC Capital Markets LLC acted as financial adviser and Stroock & Stroock & Lavan LLP acted as legal counsel to Ridgewood Infrastructure on the transaction.

Ridgewood Infrastructure and Ridgewood Private Equity Partners are part of the affiliated Ridgewood Cos., a real asset investment manager currently managing more than $5 billion in total capital and commitments focused on investments in infrastructure and energy.