FERC okays sale of interests in two California wind project companies

The Federal Energy Regulatory Commission on May 12 approved the investment by outside parties in two wind project companies in California.

On April 10, Rising Tree Wind Farm LLC (Rising Tree I) and Rising Tree Wind Farm II LLC (Rising Tree II) filed an application for authorization for the disposition of jurisdictional facilities that may result from one or more transfers of indirect non-managing membership interests in these applicants from Bankers Commercial Corp. (BCC) to one or more unidentified investors (called the “Unidentified Investors”).

BCC and the Unidentified Investors will own 100% of the Class B non-managing membership interests in 2014 Vento XII LLC (Vento XII) the direct owner of applicants. Following the proposed transaction, BCC and the Unidentified Investors will collectively own 100% of the Class B membership interests in Vento XII. The Class A managing membership interests in Vento XII indirectly owned by EDP Renewables North America LLC (EDPRNA) will not be affected by the proposed transaction.

  • Rising Tree I owns and operates a 79.2-MW wind facility located in Kern County, California. Rising Tree I shares ownership of certain common facilities necessary for the operation of the Rising Tree I Facility with its affiliates, Rising Tree II and Rising Tree Wind Farm III LLC, which own co-located generation projects. The Rising Tree I Facility is interconnected to the transmission system owned by Southern California Edison (SCE) and operated by the California Independent System Operator (CAISO). The output of the Rising Tree I Facility will be sold exclusively at wholesale to third parties under one or more interim bilateral agreements or directly into the wholesale market until January 2019, at which point the entire output of the Rising Tree I Facility will be sold to an unaffiliated third party pursuant to a long-term power purchase agreement. Rising Tree I is a wholly-owned direct subsidiary of Vento XII.
  • Rising Tree II owns and operates a 19.8-MW wind facility located in Kern County. The Rising Tree II Facility is interconnected to the transmission system owned by SCE and operated by CAISO. Rising Tree II will share ownership of certain common facilities necessary for the development and operation of the Rising Tree II Facility with affiliates that intend to develop co-located generation projects. The output of the Rising Tree II Facility is sold exclusively at wholesale to third parties under one or more interim bilateral agreements or directly into the wholesale market until approximately June 2015, at which point the entire output of the Rising Tree II Facility will be sold to an unaffiliated third party pursuant to a long-term power purchase agreement. Rising Tree II is a wholly-owned subsidiary of Vento XII.

EDPRNA develops, owns, and operates, on behalf of or through wholly or partially-owned subsidiaries or affiliates, renewable electric generation facilities throughout the United States. EDPRNA is a wholly-owned direct subsidiary of EDP Renováveis S.A.

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.