Imperial Valley Solar Co. (IVSC) 2 LLC applied April 20 at the Federal Energy Regulatory Commission for approval of a transaction whereby Dominion Solar Holdings III LLC (DSH III) will acquire from SunPeak Solar LLC 100% of its ownership interests in IVSC 2.
IVSC 2 owns all of the assets comprising a ground-mounted solar photovoltaic system with an aggregate nameplate capacity of about 20 MW, located in Niland, California. The IVSC 2 Facility will interconnect with the Imperial Irrigation District (IID), and the entire output of the facility will be sold to IID under a long-term power purchase agreement. The IVSC 2 Facility is currently under development, but it will not be operational and test power will not be delivered to the grid until after the proposed transaction closes.
The seller, SunPeak Solar, is a solar energy project developer and asset manager that develops, finances, constructs, and operates solar energy projects through its subsidiary limited liability companies. SunPeak Solar is 50.1% owned by Rennie Capital Corp., a corporation formed under the laws of Canada, and 49.9% owned by Desert Projects Inc., a corporation formed under the laws of Nevada. Rennie Capital is solely owned by David N. Rennie, and Desert Projects is solely owned by the JRH Living Trust, of which James R. Houston is the trustee.
In addition to IVSC 2, SunPeak Solar owns Imperial Valley Solar Co. (IVSC) 1 LLC, which owns and operates a 23-MW solar energy project located adjacent to the IVSC 2 Facility. All of the output from the IVSC 1 Facility is sold to IID under a long-term contract.
Dominion Solar Holdings III, the buyer, is a direct, wholly owned subsidiary of Dominion Energy Inc. (DEI). DEI is a direct, wholly owned subsidiary of Dominion Resources (NYSE: D) out of Virginia.