The Federal Energy Regulatory Commission on March 30 approved a Feb. 12 application from Portsmouth Genco LLC and Virginia Renewable Power-Portsmouth LLC for authorization for the transfer of 100% of the direct membership interests in Portsmouth Genco from Portsmouth Genco Holdings LLC to Virginia Renewable.
Portsmouth Genco owns a 114.8-MW facility (Facility) located in Portsmouth, Virginia, and interconnected to the transmission system owned by Dominion Virginia Power and operated by PJM Interconnection. The facility is located in the AP South submarket of the PJM market. This facility is deactivated in accordance with Part V of the PJM open access transmission tariff.
Portsmouth Genco Holdings is an indirect subsidiary of Cogentrix Virginia Financing Holding Co. LLC, which is directly owned by Cogentrix Power Asset Holdings LLC (50%) and Quantum Virginia Power LLC (50%). Cogentrix Power is indirectly owned by investment fund vehicles sponsored and managed by The Carlyle Group LP. Quantum is managed by Quantum Utility Generation LLC.
Virginia Renewable was formed for the sole purpose of acquiring the membership interests of Portsmouth Genco. Virginia Renewable is a wholly owned, direct subsidiary of Georgia Renewable Power LLC. Georgia Renewable owns:
- GRP North Carolina LLC, which owns a 95% interest in North Carolina Renewable Power-Lumberton LLC, which has a QF located in North Carolina;
- GRP Franklin LLC, which will have a QF located in Georgia; and
- GRP Madison LLC, which will also be a QF located in Georgia.
GRP Franklin and GRP Madison are currently under development in Georgia. Georgia Renewable is 70% directly owned by Green Fuels Energy LLC, and 30% owned by a private individual investor.
Virginia Renewable will acquire 100 percent of the direct membership interests in Portsmouth Genco. Cogentrix Power and Quantum will not hold any ownership interests in Portsmouth Genco following the consummation of the transaction.
While the Feb. 12 application and March 30 approval don’t show this plant as fired by coal, past filings related to the plant show that fact. FERC in April 2015 granted a waiver to Portsmouth Genco related to the planned shutdown that summer of its coal-fired Lake Kingman power plant.