Antelope Big Sky Ranch LLC, which has a 20-MW solar project in California that is due produce test power in August, on May 6 applied to the Federal Energy Regulatory Commission for approval of a change in ownership structure.
It is asking for approval of the acquisition by SPW Solar Holdings 3 LLC (SPW3) of 100% of the membership interests in the applicant. More specifically, applicant seeks commission authorization for the disposition to JPM Capital Corp. and passive investor in SPW3, of an indirect interest in the applicant.
Antelope Big Sky owns the ABSR Project, a solar photovoltaic project with a nameplate capacity rating of approximately 20 MW (ac) located in the City of Lancaster, Los Angeles County, California. The ABSR Project is located within the California Independent System Operator balancing authority area in the Southwest region.
The company said it expects to begin generating test power from the ABSR Project in August 2016 and achieve commercial operation in August 2016. Applicant is committed to sell the entire output from the ABSR Project under a 25-year power purchase agreement with the Southern California Public Power Authority.
Applicant is currently a wholly-owned subsidiary of FTP Power LLC. Upon the closing of this proposed transaction, 100% of applicant’s interests will be held by SPW3. SPW3’s membership interests, in turn, are divided into two classes — Class A Units and Class B Units. FTP keeps the controlling Class B Units and JPMCC will own 100% of SPW3’s non-controlling, passive Class A Units.
JPMCC is an indirect, wholly-owned subsidiary of JPMorgan Chase & Co., an international financial services company.
A company contact is: Sean McBride General Counsel, Antelope Big Sky Ranch LLC, 2180 South 1300 East, Suite 600, Salt Lake City, UT 84106, Telephone (801) 679-3500, smcbride@spower.com.
