Mar 23, 2016 6:40 PM by News Staff
SACRAMENTO, Calif. (AP) - The nation's largest public pension fund is investing in solar power farms near Palm Springs.
The California Public Employees' Retirement System announced Wednesday that it has agreed to buy up to 25 percent of Desert Sunlight Investment Holdings, which owns two solar energy facilities in Southern California.
CalPERS Chief Investment Officer Ted Eliopoulos says in a statement that the purchase allows the fund to invest both in California and in renewable energy.
CalPERS says its infrastructure investments diversify the pension fund's portfolio and provide predictable returns with moderate protection from inflation. They currently make up about 1 percent of the $290 billion fund.
The agency did not release the price it will pay for its Desert Sunlight stake.
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