The Federal Energy Regulatory Commission on Dec. 16 approved a change of ownership for wind power developer Macho Springs Power I LLC.
In November, Macho Springs Power I requested commission authorization for Element Power US LP to transfer 100% of its ownership interests in Element Power US LLC, which is the indirect owner of Macho Springs Power I, to CP Investments.
Macho Springs Power I is an exempt wholesale generator (EWG) with market based rate authority. It owns and operates a 50.4-MW wind facility located in Luna County, New Mexico, within the El Paso Electric (EPE) balancing authority area (BAA). The facility is interconnected to the transmission system owned by EPE, and its entire output is committed to Tucson Electric Power (TEP) under a long-term power purchase agreement (PPA).
Macho Springs Power I is a direct, wholly owned subsidiary of Macho Springs Project Holdings LLC. Macho Springs I Holdings LLC owns 100% of the managing Class A membership interests in Project Holdings, and MetLife Capital LP owns 100% of the passive Class B membership interests in Project Holdings. 100% of the membership interests in Holdings LLC are held by Element Power US.
CP Investments is a direct, wholly owned subsidiary of Capital Power (US Holdings) Inc., which in turn is an indirect, wholly-owned subsidiary of Capital Power LP, an Ontario, Canada, limited partnership. Capital Power LP is owned in part by Capital Power Corp., a public Canadian corporation. Upon consummation of the approved transaction, CP Investments will be the indirect owner of Macho Springs Power I.
Capital Power (TSX: CPX) said Dec. 4 that this wind project purchase, for a facility that has been in operation since 2011, is in the works.