The Federal Energy Regulatory Commission on Sept. 29 approved an Aug. 7 application from Lakeswind Power Partners LLC for authorization of the transfer of 100% of the membership interests in Odin Wind Power LLC, the indirect owner of Lakeswind, from Valhalla Wind Power LLC to TransAlta Holdings U.S. Inc.
Lakeswind owns a 48-MW wind project located in Clay, Becker and Otter Tail counties, Minnesota. Lakeswind is an exempt wholesale generator (EWG) and is authorized to sell power at market-based rates. The Lakeswind Project is interconnected with the transmission system of Great River Energy in the Midcontinent Independent System Operator (MISO) market.
The output of the Lakeswind Project is committed to a combination of three purchasers pursuant to separate long-term agreements (PPAs). They are Great Lakes Utilities, North Central Power Co. Inc. and Northern Wisconsin Electric Co.
Lakeswind is an indirect, wholly owned subsidiary of Rockland Power Partners, LP, which owns 100% of the Class B controlling membership interests in Lakeswind through its indirect, wholly owned subsidiary Thor Wind Power LLC, and a subsidiary of Bankers Commercial Corp., which owns 100% of the Class A passive, noncontrolling interests in Lakeswind.
Thor Wind is a direct, wholly owned subsidiary of Odin, which is itself a direct, wholly owned subsidiary of Valhalla, which is a direct, wholly owned subsidiary of Chimera Power Holdings LLC. Rockland Power is the indirect parent company of Valhalla. Rockland Power is a private equity fund with investors.
TransAlta US is a direct, wholly owned subsidiary of TransAlta Holdings ULC and an indirect, wholly owned subsidiary of Canada’s TransAlta Corp. TransAlta is engaged in the production and sale of electric energy in Canada, the United States, and Australia.
Lakeswind told FERC that, pursuant to a Membership Interest Purchase Agreement dated July 26, 2015, Valhalla will sell 100% of the membership interests in Odin to TransAlta US. Upon consummation of this now-approved transaction, TransAlta US will own 100% of the Class B controlling interests in Lakeswind.