NM Neptune, LLC, an indirect unit of Northwestern Mutual, has acquired Starwood Energy's 25 percent Class C stake in the Neptune Regional Transmission System.
The 65-mile high-voltage, direct-current underwater transmission cable connects Sayreville, New Jersey to Long Island, New York. The Neptune system has been operational since 2007 and its 660 MW of capacity are fully contracted to the Long Island Power Authority (LIPA) under a 20-year agreement.
An essential ingredient in maintaining Northwestern Mutual's financial strength and ability to deliver value to policyowners is the performance of the company's $186 billion general account investment portfolio, whose assets back the company's insurance and annuity products.
The investment earnings generated by this portfolio produce capital that builds the company's strong financial base. They are also the primary determinant of the interest component of the dividend scale for traditional permanent life insurance policies.
Northwestern Mutual Capital is a unit of The Northwestern Mutual Life Insurance Co.