JPM Capital to make passive investments in two California wind projects

Alta Wind X LLC and Alta Wind XI LLC applied April 16 at the Federal Energy Regulatory Commission for an approval relating to a proposed tax equity investment involving JPM Capital Corp.

They requested all approvals necessary for JPM Capital’s acquisition of passive interests in a yet-to-be-formed limited liability company (called “Holdco”), which will hold all of the interests in intermediate holding companies above the applicants that are currently held by NRG Yield Operating LLC. The applicants requested that the commission issue an order approving the transaction on or before May 29.

  • Alta Wind X is an exempt wholesale generator (EWG) that owns and operates an approximately 137-MW (nameplate) wind facility located at the Alta Wind Energy Center in Kern County, California, within the California Independent System Operator market.
  • Alta Wind XI is an EWG that owns and operates an approximately 90-MW (nameplate) wind facility that is also located at the Alta Wind Energy Center.

Beginning on or before Jan. 1, 2016, the entire output of the Alta Wind X and Alta Wind XI facilities will be committed to Southern California Edison under long-term contracts.

Alta Wind X Holding Co. LLC and Alta Wind XI Holding Co. LLC own 100% of the membership interests of Alta Wind X and Alta Wind XI, respectively. Yield Operating owns 100% of the membership interests of each of Alta Wind X Holding and Alta Wind XI Holding. All of Yield Operating’s membership interests are owned by NRG Yield LLC.

JPM Capital is an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. At closing, JPM Capital will acquire 100% of the Class A membership interests of Holdco. Yield Operating will own 100% of the Class B membership interests and will also be the managing member of Holdco. The Class A membership interests will not convey control over the day-to-day operations of Holdco or the wind project applicants. The Class A membership interests are passive, economic interests conveying only limited consent rights. Control over the day-to-day operations of Holdco will reside with Yield Operating in its capacity as managing member. 

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.