The Federal Energy Regulatory Commission on Dec. 1 approved the sale of a minority stake in a New Hampshire power plant to Merrill Lynch Credit Products LLC.
On Oct. 22, Granite Ridge Energy LLC, Granite Ridge Holdings LLC and Merrill Lynch Credit Products sought commission authorization for transfers by existing and future owners of equity interests in Granite Ridge Holdings to Merrill Lynch Credit Products, or another direct or indirect wholly-owned subsidiary of Merrill Lynch Credit Products’ ultimate corporate parent. Granite Ridge owns and operates a 660-MW natural-gas fired, combined cycle facility located in Londonerry, New Hampshire.
The Granite Ridge Facility includes two combustion turbine generators that are interconnected with the transmission system owned by New England Power and a steam turbine generator that is interconnected with the transmission system owned by Public Service Co. of New Hampshire. Granite Ridge sells the output of the Granite Ridge Facility into the power market administered by ISO New England.
Granite Ridge Holdings owns 100% of the interests in Granite Ridge. Granite Ridge Holdings is owned by fourteen investors, some of which are affiliated. Applicants stated that each one of the fourteen investors is a financial company not primarily engaged in energy-related business activities. Merrill Lynch Credit Products is an indirect subsidiary of Bank of America Corp.
Under the proposed transaction, the applicants are authorized, for a three-year period, for the transfer of additional equity interests in Granite Ridge Holdings from current and future holders of Granite Ridge Holdings equity to Merrill Lynch Credit Products, or another direct or indirect wholly-owned subsidiary of Merrill Lynch Credit Products’ ultimate corporate parent. Following consummation of this deal, Merrill Lynch Credit Products, or another wholly-owned subsidiary of Merrill Lynch Credit Products’ ultimate corporate parent, will hold up to 20% of the membership interests in Granite Ridge Holdings, and indirectly, in Granite Ridge.