The Federal Energy Regulatory Commission on July 18 approved a change in ownership structure for the CPV Maryland LLC gas-fired power project in Maryland.
On June 20, CPV Maryland had requested commission authorization for the disposition of jurisdictional facilities in which: 25% of the equity interests in CPV Maryland will be acquired by Toyota Tsusho St. Charles LLC (TT St. Charles); and 50% of the equity interests in CPV Maryland will be acquired by MC St. Charles LLC (MC St. Charles).
TT St. Charles is a direct, wholly owned subsidiary of Toyota Tsusho Power USA Inc. (TT-USA), and an indirect, wholly owned subsidiary of Toyota Tsusho Corp. (Toyota Tsusho).
MC St. Charles is being formed as a wholly owned subsidiary of Marubeni Power America Inc. (Marubeni Power), which itself is an indirect, wholly owned subsidiary of Marubeni Corp. (Marubeni). Marubeni, organized under Japanese law, owns ventures in chemicals, energy, power projects, industrial machinery, mineral resources, and transportation.
CPV Maryland will construct, own and operate a 725 MW combined cycle, gas-fired facility and limited interconnection facilities located in Charles County, Md. This facility will be interconnected with transmission facilities operated by PJM Interconnection. CPV Maryland is authorized to sell power at market-based rates and is an exempt wholesale generator (EWG).
CPV Maryland is currently 50% owned by CPV Maryland Holding Co. LLC, which is 100% indirectly owned by Competitive Power Ventures Holdings LLC, and 50% owned by Diamond St. Charles LLC, which is wholly owned by Diamond Generating Corp., a subsidiary of Mitsubishi Corp.
Competitive Power Ventures and TT-USA also indirectly own CPV Shore LLC, a company that will construct, own and operate a 725-MW, gas-fired facility in New Jersey.
Diamond St. Charles will transfer its 50% equity interests in CPV Maryland to a newly-formed subsidiary of Competitive Power Ventures (Newco), which will simultaneously transfer that 50% equity interest to MC St. Charles. CPV Maryland Holding will also transfer 25% of its equity interest in CPV Maryland to TT St. Charles. After consummation of the purchase agreement, CPV Maryland will be owned 25% by TT-USA, 50% by MC St. Charles, and indirectly owned 25% by Competitive Power Ventures.