CalPERS buys ownership stake in 550-megawatt solar plant in Riverside County

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The California Public Employees' Retirement System (CalPERS) has announced that it would acquire up to a 25 percent stake in the 550-megawatt solar plant in Riverside County. The Riverside County solar farm was world's largest solar project when it opened last year.

CalPERS' investment in the farm is seen as welcome news in the industry as the large, institutional investors are inclining toward clean energy projects for solid investments.

Last year California lawmakers in a bill passed asked CalPERS to divest from coal companies to reduce the greenhouse gas emissions responsible for global warming.