The Federal Energy Regulatory Commission on Dec. 30 approved a Nov. 19 application from LWP Lessee LLC for authorization for Nebras Power Q.S.C., or its designated subsidiary, to acquire from TAQA US Lakefield Holdings LLC its 50% membership interest in LWP Lessee.
LWP Lessee, authorized to sell power at market-based rates, was created to manage and operate a 205.5-MW wind farm in Jackson County, Minnesota, under a lease from Lakefield Wind Project LLC to effectuate structured lease financing. Output from the facility is committed under long-term power purchase agreements. The facility is situated within the Midcontinent Independent System Operator market.
LWP Lessee is owned 50% by TAQA and 50% by MC Lakefield Holdings LLC. TAQA is indirectly wholly owned by Abu Dhabi National Energy Co. PJSC, a public joint stock company organized under the laws of the Emirate of Abu Dhabi.
The buyer, Nebras, was founded as a shareholding company in accordance with the laws of the State of Qatar. While the Government of Qatar partially owns Nebras through the shareholders of Nebras, all decisions of Nebras are controlled by the Nebras Board Of Directors. Nebras invests globally in new and existing projects, or through the acquisition of projects related to power generation and water desalination and processing, as well as cooling and heating projects.
Nebras is owned 60% by Qatar Electricity and Water Co., 20% by Qatar Petroleum International Ltd. (QPI), and 20% by Qatar Holding. Through affiliates, QPI has a 70% ownership interest in Golden Pass Pipeline LLC, Golden Pass Products LLC, and Golden Pass LNG Terminal LLC. Golden Pass Pipeline is a 69-mile pipeline that originates at the Golden Pass LNG Terminal, which is located near Sabine, Texas, and is owned and operated by Golden Pass LNG Terminal and Golden Pass Products.
The now-approved transaction allows Nebras to purchase TAQA’s 50% membership interest in LWP Lessee.