The Federal Energy Regulatory Commission on May 13 approved a Dominion Resources (NYSE: D) buy of a 20-MW solar project in California.
On April 20, Imperial Valley Solar Company (IVSC) 2 LLC (Imperial Solar 2) filed an application for approval of a transaction whereby Dominion Solar Holdings III LLC will acquire from SunPeak Solar LLC 100% of its ownership interests in Imperial Solar 2.
Imperial Solar 2 owns all of the assets comprising a solar photovoltaic system with an estimated aggregate nameplate capacity of approximately 20 MW located in Niland, California (Imperial Solar 2 Facility). The Imperial Solar 2 Facility will interconnect with the Imperial Irrigation District, and the entire output will be sold to the Imperial Irrigation District under a long-term power purchase agreement. The facility is currently under development, but will not be operational and test power will not be delivered to the grid until after this proposed transaction closes.
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. Rennie Capital, a corporation formed under the laws of Canada, owns 50.1% of SunPeak Solar. Desert Projects Inc., a corporation formed under the laws of Nevada, owns 49.9% of SunPeak Solar.
In addition to Imperial Solar 2, SunPeak Solar owns Imperial Valley Solar Company (IVSC) 1 LLC, which owns and operates a 23-MW solar energy project (Imperial Solar 1 Facility) located adjacent to the Imperial Solar 2 Facility.
Dominion Solar III is a direct, wholly owned subsidiary of Dominion Energy Inc. Dominion Energy is a direct, wholly owned subsidiary of Dominion Resources.
Imperial Solar 2 stated that, upon closing of this deal, it will be affiliated with several entities that own, operate or are developing solar generation facilities in the California Independent System Operator (CAISO) market totaling approximately 203 MW, including generation capacity owned by Cottonwood Solar LLC and Catalina Solar 2 LLC.