NextEra Energy Transmission has completed the acquisition of Trans Bay Cable (TBC) from affiliates of Steelriver Infrastructure Fund North America.

The completion of the deal follows after the company entered definitive agreements with SteelRiver Infrastructure Fund North America and partners in November 2018.

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In the announcement, NextEra noted that the transaction was valued at approximately $1bn, including the assumption of debt.

NextEra Energy chairman and CEO Jim Robo said: “We are pleased to complete this transaction and welcome the TBC employees to the NextEra Energy family.

“This transaction furthers our goal of creating America’s leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio.”

TBC is a transmission utility that runs a 53-mile, high-voltage direct current (HVDC) underwater transmission cable system under the San Francisco Bay.

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It is engaged in energy transfer from Pittsburg to San Francisco in California and supplies approximately 40% of the electricity used by San Francisco and its surrounding areas on a daily basis.

The utility rates are set by the Federal Energy Regulatory Commission (FERC) and revenues paid by the California Independent System Operator.

THE HVDC cable system was developed in response to a 1998 blackout in the Bay Area, which demonstrated a need for greater resiliency of the electric grid in that region.