FERC approves wind project deal involving JPM, Macquarie

The Federal Energy Regulatory Commission on May 13 approved the transfer of passive interests in several wind projects from JPM Capital Corp. to a joint venture involving JPM Capital.

On April 11, JPM Capital filed an application under the Federal Power Act requesting commission authorization for the disposition of jurisdictional facilities. JPM Capital will transfer its passive, direct or indirect, equity interests in seven public utilities (Project Companies) to one or more companies (each, a TopCo, and collectively, TopCos), to be owned jointly by JPM Capital and Macquarie Corporate and Asset Funding Inc. (Macquarie CAF). The affected FERC-jurisdictional facilities are a market-based rate tariff, wholesale power sales agreements, and interconnection facilities.

As part of the proposed transaction, JPM Capital also will transfer its passive, direct or indirect, interests in four other wind project companies to one or more TopCos: Buffalo Gap Wind Farm 1 LLC, Buffalo Gap Wind Farm 2 LLC, Buffalo Gap Wind Farm 3 LLC, and Kaheawa Wind Power LLC. JPM Capital stated that these companies engage in sales of energy and own facilities that are limited to either the Electric Reliability Council of Texas region of Texas or Hawaii.

JPM Capital is an indirect, wholly-owned subsidiary of JPMorgan Chase & Co., an international financial services company. The Project Companies in which JPM Capital has passive, direct or indirect, equity interests are Elk River Windfarm LLC, Flat Rock Windpower LLC, Shiloh 1 Wind Project LLC, Trimont Wind I LLC, Mountain View Power Partners LLC, Evergreen Wind Power LLC and Munnsville Wind Farm LLC. Each of the Project Companies is an exempt wholesale generator, and each is authorized to sell power at market-based rates and under long-term contracts.

  • Elk River owns and operates a 150-MW wind facility in Butler County, Kansas, within the control area of Empire District Electric, which is within the Southwest Power Pool market.
  • Flat Rock owns and operates a 231-MW wind facility in Lewis County, N.Y., within the control area of the New York Independent System Operator (NYISO).
  • Shiloh I owns and operates a 168-MW wind facility in Solano County, Calif., within the control area of the CAISO.
  • Trimont owns and operates a 101-MW wind facility in Martin and Jackson counties, Minn., within the control area of the Midcontinent Independent Transmission System Operator.
  • Mountain View owns and operates an approximately 67-MW wind facility in the San Gorgonio region of California within the CAISO control area.
  • Evergreen owns and operates a 42-MW wind located in Mars Hill, Maine, within the Northern Maine Independent System Administrator market, which is part of the New Brunswick System Operator balancing authority area.
  • Munnsville owns and operates an approximately 34.5-MW wind facility near Munnsville, N.Y., within the NYISO control area.

According to JPM Capital, Macquarie CAF is an indirect, wholly-owned subsidiary of Macquarie Group Ltd., a global provider of banking, financial, advisory, investment and funds management services. Macquarie CAF owns or controls, directly or indirectly, a greater than 10% voting interest in several entities. JPM Capital said that the Macquarie CAF’s affiliates operating in the CAISO control area are Brea Generation LLC, owner and operator of a 5-MW landfill gas-to-electricity facility located near Brea, Calif., and Brea Power II LLC, owner and operator of a 28.2-MW landfill gas-to-electricity facility also located near Brea, Calif.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.