The Federal Energy Regulatory Commission on Nov. 17 approved a Sept. 29 application from Passadumkeag Windpark LLC for authorization for the transfer and sale of its membership interests by Quantum Wind Acquisition I LLC to Passadumkeag Wind Holdings LLC.
That purchasing company will either be: a wholly owned indirect subsidiary of SunEdison Inc. or an entity in which SunEdison owns 100% of the voting securities and one or more yet-to-be identified equity investors will own passive interests; or indirectly majority owned by IIF US Holding 2 LP (IIF Investor), and minority owned by a wholly owned subsidiary of SunEdison or a SunEdison-controlled subsidiary, with either SunEdison or IIF Investor acting as the managing member of the buyer.
Passadumkeag Windpark is an exempt wholesale generator with market-based rate authority, and will own and operate a 40-MW wind facility located near Bangor, Maine, within the ISO New England market. The facility is expected to commence operation in December 2015. It will sell approximately 38.46 MW to Western Massachusetts Electric Co. under a long-term power purchase agreement.
Seller Quantum Wind is focused on the development and acquisition of generation assets. Quantum Wind’s sole and managing member is Quantum Funding LLC.
The buyer is a wholly owned subsidiary of SunEdison that was formed for the purpose of acquiring upstream interests in the applicant.