On April 20, the Federal Energy Regulatory Commission approved a March 11 application from Passadumkeag Windpark LLC for authorization for the transfer and sale of its membership interests held by Quantum Wind Acquisition I LLC (Quantum Wind) to Southern Renewable Energy Inc.
Passadumkeag Windpark is an exempt wholesale generator with market-based rate authority whose sole member is Quantum Wind. It has constructed a 40-MW wind facility located near Bangor, Maine, within the ISO New England (ISO-NE) market. The facility is expected to commence operations in April 2016.
The company will sell approximately 38.46 MW from the facility to Western Massachusetts Electric Co. (WMECO) under a long-term power purchase agreement.
Quantum Wind’s sole and managing member is Quantum Funding LLC (Quantum Funding), and more than 95% of Quantum Funding is owned by Quantum Power Investment Partners, which is majority owned by Quantum Energy Partners V LP.
Southern Renewable Energy is a wholly owned subsidiary of Southern Power, which is a wholly owned subsidiary of Southern Co. (NYSE: SO).
Under the now-approved transaction, Southern Renewable Energy will acquire 100% of the membership interests in Passadumkeag presently held by Quantum Wind. As a result, Passadumkeag will become a wholly-owned subsidiary of Southern Renewable Energy. Quantum Wind will not hold any ownership interest in Passadumkeag following consummation of this deal.