The Federal Energy Regulatory Commission on April 2 approved a March 2 application from NGP Blue Mountain I LLC for approval of a transaction in which Baseload Clean Energy Partners (BCEP) will acquire 100% of the membership interests in NGP Blue Mountain Holdco LLC from Blue Mountain Power LLC.
NGP is a Delaware limited liability company with market-based rate authority that owns an approximately 49.5-MW geothermal power project and associated interconnection facilities located in Humboldt and Pershing counties, Nevada. That is within the Sierra Pacific Resources balancing authority area (Sierra Pacific BAA). The facility is certified as a Qualifying Small Power Production Facility. NGP states that it sells the entire capacity of the facility to Nevada Power/NV Energy under a long-term power purchase agreement (PPA).
Blue Mountain Power is wholly-owned by an equity group comprised of certain funds and trusts managed by EIG Management Co. LLC.
BCEP is a direct, wholly-owned subsidiary of AltaRock Energy. AltaRock is governed by a four-person board, comprised of Aaron Mandell, Susan Petty, Tamara Tompkins and Samir Kaul. In addition to BCEP, AltaRock owns 100% of Stimulation Services LLC and AltaRock Operations LLC. Stimulation Services provides services to various geothermal projects and does not own any generation, transmission, or distribution assets. AltaRock Operations owns a controlling interest in Davenport Newberry Holdings LLC, which owns 100% of the Newberry enhanced geothermal project in Deschutes County, Oregon. The Newberry Project is not currently operational and there are no immediate plans for it to generate electricity.
Under this now-approved transaction, BCEP will acquire 100% of the membership interests in Holdco from Blue Mountain. As a result of the acquisition, BCEP will indirectly own 100% of the membership interests in NGP.