The Federal Energy Regulatory Commission on Dec. 11 approved a Nov. 10 application from CPV Shore LLC for authorization for the disposition of jurisdictional facilities resulting from a change in CPV Shore’s upstream ownership.
CPV Shore Investment LLC (CPV Shore Investment) will acquire Shore CoInvestment Holdings LLC’s (Shore Co-Investment) 38.78% Class A membership interest in CPV Shore’s immediate upstream owner, CPV Shore Holdings LLC (CPV Shore Holdings).
CPV Shore is constructing, and will own and operate a 725-MW gas-fired facility and limited interconnection facilities located in the Township of Woodbridge, Middlesex County, New Jersey. The CPV Shore Facility will be interconnected to transmission facilities owned by Jersey Central Power & Light and operated by PJM Interconnection. CPV Shore is an exempt wholesale generator and authorized to sell power at market-based rates.
CPV Shore is also a wholly owned subsidiary of CPV Shore Holdings. Shore Co-Investment holds 38.78% of the Class A membership interest directly in CPV Shore Holdings. Shore Co-Investment currently is indirectly owned by Al Shore Investment LLC.
CPV Shore Investment holds 18.75% of the Class A membership interest in CPV Shore Holdings. CPV Shore Investment is indirectly and wholly owned by GIP II CPV Intermediate Holdings Partnership LP, which itself is indirectly and wholly owned by the GIP II Funds. These funds are independent funds organized as limited partnerships that invest in infrastructure assets around the world. Global Infrastructure Management LLC is the manager of the GIP II Funds.
CPV Shore is affiliated, through the GIP II Funds, with CPV Maryland LLC, which is constructing, and will own and operate a 725-MW gas-fired facility in Charles County, Maryland, and interconnected to transmission facilities owned by Potomac Electric Power and operated by PJM.
CPV Shore Investment will acquire Shore CoInvestment’s 38.78% Class A membership interest in CPV Shore Holdings. Because CPV Shore Investment already owns 18.75% of the Class A membership interest, following this transaction, it will own 57.75% of the Class A membership interest in CPV Shore Holdings.
CPV Shore on Sept. 1 had filed with the Federal Energy Regulatory Commission a proposed rate schedule covering cost-based Reactive Supply and Voltage Control to be offered in the PJM market. The facility consists of one steam turbine generator (STG1) with a nameplate rating of 327.25 and two combustion turbine generators (CTG1 and CTG2) each with a nameplate rating of 222.7. The steam turbine generator is a General Electric 324 model. The two combustion turbine generators are GE 7FH2B combustion turbine generators.