CPV Maryland LLC, which is developing a gas-fired power project in Maryland, on June 20 applied at the Federal Energy Regulatory Commission for a quick (by July 22) approval of an ownership change.
CPV Maryland requested authorization for: the acquisition of 25% of the equity interests in CPV Maryland by Toyota Tsusho St. Charles LLC, a direct, wholly owned subsidiary of Toyota Tsusho Power USA Inc.; and the acquisition of 50% of the equity interests in CPV Maryland by MC St. Charles LLC, an indirect, wholly owned subsidiary of Marubeni Corp., followed by a potential transfer of a portion of such interests to an indirect, wholly owned subsidiary of Marubeni.
CPV Maryland will construct, own and operate a 725 MW (nameplate), gas-fired power plant in Charles County, Md. CPV Maryland currently is owned: 50% by CPV Maryland Holding Co. LLC, which is 100% indirectly owned by Competitive Power Ventures Holdings LLC; and 50% by Diamond St. Charles LLC, which is wholly owned by Diamond Generating Corp., a wholly owned subsidiary of Mitsubishi Corporation (Americas) which, in turn, is a wholly owned subsidiary of Mitsubishi Corp.
This transaction will be done as follows:
- Diamond St. Charles LLC will transfer its 50% equity interests in CPV Maryland to a newly-formed, indirect, wholly owned subsidiary of CPV (“Newco”);
- Newco will simultaneously transfer the 50% equity interest in CPV Maryland to MC St. Charles;
- CPV Maryland Holding will transfer 25% of its equity interests in CPV Maryland to Toyota Tsusho St. Charles; and
- At a subsequent time, Marubeni Power may transfer a portion of its interest in MC St. Charles, which will hold a 50% interest in CPV Maryland, to another entity or entities, each of which is an indirect, wholly owned subsidiary of Marubeni.
After closing, CPV Maryland will be indirectly owned 25% by CPV, 25% by TT-USA, and 50% by MC St. Charles.
A company contact is: Robert Burke, General Counsel, Competitive Power Ventures Inc., 8403 Colesville Road, Suite 915, Silver Spring, MD 20910, Tel: (240) 723-2329, Fax: (240) 723-2339, firstname.lastname@example.org.