The Federal Energy Regulatory Commission on Jan. 8 approved a Nov. 6, 2015, application from BIF III Holtwood LLC for transfer of the licenses on two hydroelectric facilities.
BIF III Holtwood proposes to acquire the Wallenpaupack Hydroelectric Project, a 44-MW hydroelectric station located at the border of Wayne and Pike counties, Pennsylvania. The Wallenpaupack Project’s facilities include generator interconnection facilities connecting it to the transmission system of PPL Electric Utilities.
BIF III Holtwood also proposes to acquire the Holtwood Project, a 249-MW hydroelectric station located on the Susquehanna River in Martic Township, Lancaster County, Pennsylvania. The Holtwood Project facilities include generator interconnection facilities connecting it to the transmission system of PPL. Notable is that this facility has a licensed capacity of 195.5 MW, which is not intended to necessarily represent electrical output at any point in time. It has a seasonal capacity of 249 MW.
BIF III Holtwood is controlled by its ultimate parent company, Brookfield Asset Management Inc.
Brookfield Renewable Energy Partners (TSX: BEP.UN) (NYSE: BEP) on Oct. 8, 2015, had announced an agreement to acquire this hydroelectric portfolio from Talen Energy (NYSE: TLN) for $860 million.
The Nov. 6 license transfer application noted: “The Transferee is controlled by its ultimate parent company, Brookfield Asset Management Inc. (‘BAM’). BAM is an Ontario corporation with its principal place of business in Toronto, Ontario, Canada. BAM is a global alternative asset manager focused on property, renewable power, infrastructure assets, and private equity. BAM has over $200 billion (US) in assets under management. It is a publicly-traded company listed on the Toronto Stock Exchange, the New York Stock Exchange, and the Euronext Amsterdam Exchange. Thus, the Transferee is part of a large, financially secure asset management family of companies, ensuring that it meets all of its financial obligations as a licensee. For these reasons, the Transferee is fully qualified to own and operate the Projects, as required by the [Federal Power Act] and the Commission’s regulations.”