FERC okays lease by Firstar affiliate of Eden Solar project in North Carolina

The Federal Energy Regulatory Commission on Nov. 19 approved an Oct. 6 application from Eden Solar LLC and Land of the Sky MT LLC for commission authorization of the lease of an existing 47.7-MW solar facility in North Carolina.

Land of the Sky will lease from Eden Solar the Eden Project. Eden Solar, an exempt wholesale generator (EWG) with market-based rate authority, owns the Eden Project. It is currently under development in Richmond County, North Carolina. The output is committed under a long-term power purchase agreement between Eden Solar and Duke Energy Progress.

Eden Solar is indirectly wholly owned by FTS Power LLC, which currently controls the Eden Project on a day-to-day basis.

Land of the Sky, an EWG that has applied for market-based rate authority, is a member-managed liability company that is controlled by Firstar Development LLC. Firstar is wholly owned indirectly by U.S. Bancorp. Through Firstar, Bancorp owns passive, non-controlling interests in qualifying facilities (QFs), EWGs, and power marketers throughout the United States.

The approved transaction involves a lease between Eden Solar as lessor and Land of the Sky as lessee. Eden Solar, as lessor, will retain ownership of the Eden Project, and Land of the Sky, as lessee, will control the Eden Project on a day-to-day basis. In addition to the Eden Project and also under the lease agreement, Land of the Sky will hold a leasehold interest in five small QFs located in Massachusetts that total approximately 7.12 MW.

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.