Eden Solar LLC and Land of the Sky MT LLC on Oct. 6 requested that the Federal Energy Regulatory Commission grant all necessary authorizations for the transfer of control over the 62 MW (dc) (approximately 47.7 MW ac) solar photovoltaic facility that is currently under development in Richmond County, North Carolina, from Eden Solar to Land of the Sky.
Upon consummation of the transaction, Land of the Sky, as lessee, will have complete control over the Eden Project pursuant to a Master Lease Agreement and Eden Solar, as lessor, will have no control over the Eden Project. Under the Master Lease Agreement, Land of the Sky will: assume Eden Solar’s interest in, and obligations under, a long-term power purchase agreement between Eden Solar and Duke Energy Progress; and lease the limited interconnection facilities needed to connect the Eden Project to the Duke Energy Progress-controlled transmission system.
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 December 2015. Eden Solar has obtained authorization from the commission to make wholesale sales of electric energy, capacity, and ancillary services at market-based rates, has filed a notice with the commission of its status as a qualifying facility (QF), and has filed a notice of Self-Certification as an Exempt Wholesale Generator.
Eden Solar is ultimately controlled by Sustainable Power Group LLC, which itself is a wholly-owned subsidiary of FTP Power LLC. After the closing of the transaction, FTP will continue to have control over Eden Solar, and Eden Solar will continue to own the Eden Project, but Land of the Sky will have complete control over the Eden Project on a day-to-day basis.
Land of the Sky has submitted an application to the commission for authorization to make wholesale sales of electric energy, capacity, and ancillary services at market-based rates, as well as a notice of Self-Certification of EWG status. Land of the Sky has one controlling member, Firstar Development LLC, which is a wholly-owned, indirect subsidiary of U.S. Bancorp.
A company contact is: Sean McBride, General Counsel, Eden Solar LLC, 2180 South 1300 East, Suite 600, Salt Lake City, UT 84106, Telephone: (801) 679-3500, email@example.com.