Although no particular new transmission system investments were targeted by the California Public Employees Retirement System (CalPERS), the investor group agreed that the high voltage infrastructure could be a part of up to an $800 million, three-year, infrastructure investment plan announced Sept. 12. The enormous institutional investor could become linked with either municipal projects and/or investor-owned utilities’ transmission construction, according to the fund. “Staff is keen to explore with public sector agencies, districts and authorities . . . particularly within California, opportunities which meet the program’s investment requirements,” noted a CalPERS memo. Eligible investments include “contracted electric transmission.” Staff added that projects under regulated utilities “subject to acceptable regulatory regimes” may be considered. One caveat is “minimal construction risks.” CalPERS partners find individual projects for the fund’s investments, explained spokesperson Wayne Davis. After investigation, he said staff is to report on specific projects for investment next month. While theoretically open to non-utility developers, California’s transmission system remains the bailiwick of utilities. Utilities do not require investors like CalPERS, because their projects are underwritten by ratepayers. But, utilities do raise capital from funds like institutional investors and others to enable them to build the projects. One privately funded project, a pumped-storage facility floated by Nevada Hydro for Lake Elisinore, is in limbo. A private transmission project to connect regional grid operator systems, Tres Amigas, is still being planned, according to its website.