FERC okays sale of equity interests in nearly-completed Osage Wind project

On May 20, the Federal Energy Energy Regulatory Commission signed off on the sale of passive equity interests in Osage Wind LLC, which has an Oklahoma wind project that is close to a commercial start of operations.

In January, Osage Wind requested commission authorization for the disposition of jurisdictional facilities resulting from the transfer to several investors (Class B Equity Investors) of non-controlling, passive equity interests in Osage Wind. Although Osage Wind stated that the proposed transaction may not require commission approval under Federal Power Act section 203(a)(1), it nevertheless asks the commission to approve the application. “This order approves the Proposed Transaction without making any determination of jurisdiction,” said the May 20 order.

Osage Wind owns a 150.4-MW wind project currently under development and located in Osage County, Oklahoma. The Osage Project is located within the balancing authority area (BAA) controlled by Associated Electric Cooperative Inc. (AECI) in the southeast region. The Osage Project’s output is committed to AECI under a long-term power purchase agreement. Osage Wind said it plans to begin testing the Osage Project in May 2015 and to complete it in June 2015.

The membership interests in Osage Wind are owned by Enel Kansas LLC and EFS Osage Wind LLC. Enel Kansas is the managing member of Osage Wind, and has the right to control Osage Wind and the Osage Project on a day-to-day basis. Enel Kansas is a wholly-owned subsidiary of Enel Green Power North America,Inc. (Enel NA). Enel NA is designated as the manager of Osage Wind. Enel NA’s principal business is owning, operating, and developing hydroelectric and renewable energy generation facilities throughout the United States and Canada. Enel NA is a wholly-owned subsidiary of Enel Green Power International BV, a company organized under the laws of The Netherlands. Enel would retain day-to-day control of Osage Wind.

The Class B equity investors include: JPM Capital Corp., which is an indirect wholly-owned subsidiary of JPMorgan Chase & Co., an international financial services company; insurance company Northwestern Mutual; and State Street Bank.

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.