The Federal Energy Regulatory Commission on May 8 approved the sale of interests in two California solar projects to a company based in the Netherlands.
On April 8, Lone Valley Solar Park I LLC and Lone Valley Solar Park II LLC sought commission authorization for a transfer of up to 50% of the managing Class A membership interests in Sol I LLC from EDP Solar Ventures I LLC (called the Seller) to DIF Infra 3 US LLC (the Purchaser). The Purchaser will initially acquire 49% of the managing Class A membership interests in Sol I (Closing Interests) and an option to acquire an additional 1% of the managing Class A membership interests at a future date (Option Interests).
- Lone Valley I owns and operates a 10-MW solar facility located in San Bernardino County, California. The Lone Valley I Facility is interconnected to the transmission system owned by Southern California Edison (SCE), which is operated by the California Independent System Operator. The entire output of the Lone Valley I Facility will be sold to SCE under a long-term power purchase agreement (PPA).
- Lone Valley II owns and operates a 20-MW solar facility located in San Bernardino County, California. The Lone Valley II Facility is interconnected to the transmission system owned by SCE and operated by CAISO. The entire output of the Lone Valley II Facility is sold to SCE under a long-term PPA.
The applicants are wholly-owned subsidiaries of Sol I. All of the managing Class A membership interests in Sol I are directly owned by Seller, which is a wholly-owned direct subsidiary of EDP Renewables North America LLC (EDPRNA). EDPRNA has day-to-day control over applicants through the Seller. Applicants add that all of the non-managing Class B membership interests in Sol I are owned by Firstar Development LLC, which is a wholly-owned indirect subsidiary of U.S. Bancorp.
EDPRNA develops, owns, and operates, through wholly- or partially-owned subsidiaries, renewable electric generation facilities throughout the United States.
The Purchaser was formed in 2014 to own and operate renewable generation facilities in the United States. It is a wholly-owned direct subsidiary of DIF Infra 3 UK Ltd., which is an indirect wholly-owned direct subsidiary of DIF Infra 3 Cooperatief U.A. (DIF Infrastructure III). DIF Infrastructure III is a Netherlands Cooperative that invests in various public-private partnership projects, renewable energy projects, and other infrastructure assets primarily in Europe, but also in a case-by-case basis in North America. DIF Management B.V., a private company organized under the laws of The Netherlands, indirectly manages DIF Infrastructure III.
EDPRNA will continue to provide management and administrative services to Sol I and applicants pursuant to existing management services agreements.