The Federal Energy Regulatory Commission on Sept. 10 approved a July 20 application from SEIF/Co-Invest Generation Holdings LLC and Burgess Biopower LLC for authorization for the change in ownership of Burgess Biopower resulting from the sale of 100% of the equity interests in its upstream owner, SEG Berlin Master Inc., to EMMA First LLC.
Following the consummation of this transaction, EMMA First will indirectly own two-thirds of the equity interest in Burgess Biopower. SEIF/Co-Invest will no longer own any equity interests in SEG Berlin Master or Burgess Biopower.
Burgess Biopower generates electricity at a biomass-fueled 76-MW facility located in Berlin, New Hampshire. Pursuant to a twenty-one year lease agreement with Berlin Station LLC, the owner of the Berlin Facility, Berlin controls and operates the Berlin Facility. The Berlin Facility is interconnected with the transmission system owned by Public Service Co. of New Hampshire (PSNH) and operated by ISO New England (ISO-NE). All energy and capacity from the Berlin Facility is committed under a long term power purchase agreement with PSNH.
Burgess Biopower is a wholly owned subsidiary of Burgess Holdings LLC, which is a wholly owned subsidiary of Newco Energy Holdings LLC. Newco Holdings is owned by SEG Berlin Holdings Inc., Newco Blocker I Inc. and GBI New Hampshire I LLC, each of which holds a one-third interest. EMMA First holds an indirect interest of 55.409% and outside investors hold interests of 44.591% in Newco Blocker.
EMMA First is owned 50% by CSC Group Holdings LLC (CSCGH) and 50% by 3Cubed LLC (3Cubed). CSCGH is a holding company. 3Cubed is a wholly owned subsidiary of CSE Spain SAL (CSE), which in turn is owned by outside investors. CSCGH and EMMA First, through their affiliate Sunlight Partners LLC, engage in the development of small scale solar generating facilities which are not located in the northeastern United States and will not sell power in the ISO-NE market.
SEIF/Co-Invest and SEG Berlin Master are indirect subsidiaries of funds managed and controlled exclusively by Starwood Energy Group Global LLC (SEG). SEG is a private equity investment firm focusing on energy infrastructure investments.
Upon consummation of this transaction, EMMA First will own 100% of the equity interests in SEG Berlin Master and SEIF/Co-Invest will no longer own any equity interests in SEG Berlin Master or Burgess Biopower.