The Federal Energy Regulatory Commission on Aug. 1 approved the sale by EDP Renewables North America LLC to Firstar Development LLC of equity interests in two solar project development companies in California.
Lone Valley Solar Park I LLC will construct, own and operate a 10-MW solar facility located in San Bernardino County, Calif., called the Lone Valley I Facility. Expected to achieve commercial operation in September 2014, the Lone Valley I Facility will be interconnected to the transmission system owned by Southern California Edison (SoCal Edison) and operated by the California Independent System Operator (CAISO).
Lone Valley Solar Park II LLC will construct, own and operate a 20-MW solar facility located in San Bernardino County. Anticipated to achieve commercial operation in September 2014, the Lone Valley II Facility will be interconnected to the transmission system owned by SoCal Edison and operated by CAISO.
The entire output from both projects will be sold to SoCal Edison under long-term contracts.
The seller, EDP Renewables, develops, owns and operates renewable electric generation facilities. The buyer, Firstar, is a subsidiary of U.S. Bancorp.
Firstar owns passive, non-voting interests in qualifying facilities, exempt wholesale generators and power marketers. In this deal, Firstar will only acquire non-managing Class B interests in an intermediary company and will therefore not acquire any day-to-day control over the project companies.