Eden Solar seeks approval for passive investor in its North Carolina project

Eden Solar LLC on Oct. 16 asked the Federal Energy Regulatory Commission to grant all necessary authorizations for the disposition of jurisdictional facilities related to a 62 MW (dc) (about 47.7 MW ac) solar photovoltaic facility that is currently under development in Richmond County, North Carolina.

Project owner FTP Power LLC wants to sell a passive interest in the project to STCE Eden Solar LLC. STCE will acquire a passive, non-controlling interest in Eden Solar as a tax equity investor.

The project is located within the Duke Energy Progress balancing authority area in the Southeast region. Eden Solar is committed to sell the entire output from the Eden Project under a 15-year power purchase agreement with Duke Energy Progress. The Eden Project is expected to begin testing in October 2015 and to enter commercial operation in November 2015

After the closing of this transaction, FTP will continue to have control over Eden Solar. STCE’s sole purpose is to hold a passive tax equity ownership interest in Eden Solar. STCE is owned 99.999% by STCE 2015 NC Solar Credit Master Fund LLC, a Georgia limited liability company, and 0.001% by Alchemy Energy LLC, a Georgia limited liability company.

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.