The Federal Energy Regulatory Commission on May 27 approved an April 28 application from Comanche Solar PV LLC, which is developing a 120-MW project in Colorado, for approval of two transactions.
In the two transactions:
- BAL Investment & Advisory Inc. (BAL Advisory) will acquire 100% of the indirect, passive, tax-equity interests in the applicant by acquiring 100% of the passive, tax-equity Class A membership interests of either Comanche Solar Holdings LLC (Comanche HoldCo) or a newly formed direct or indirect parent of Comanche HoldCo (NewCo) (called the Class A Transaction); and
- SunEdison Inc. will transfer (directly or indirectly) all of its indirect interests in Warehouse LLC (Warehouse) to First Reserve Energy Infrastructure G.P. II Limited (FREI GP II), and FREI GP II will then (directly or indirectly) own 100% of the controlling Class B membership interests in Comanche HoldCo, or in the event that NewCo is formed, 100% of the controlling Class B membership interests in NewCo (called the Class B Transaction).
Comanche Solar PV is constructing and will own and operate a 120-MW solar facility in Pueblo, Colorado, which will be connected to transmission facilities owned by Public Service Co. of Colorado (PS Colorado). PS Colorado will purchase the entire output of the facility under a 25-year contract.
Applicant states that Comanche HoldCo directly and wholly owns applicant. Warehouse directly and wholly owns Comanche HoldCo. In turn, Warehouse Intermediate Holdings LLC (Warehouse HoldCo) directly and wholly owns Warehouse, while FR Warehouse II LLC (FR Warehouse II) directly, wholly owns Warehouse HoldCo.
SE Warehouse 1 LLC (SE Warehouse I) directly owns 100% of the Class A membership interests in FR Warehouse II. SunEdison LLC wholly and directly owns SE Warehouse I. In turn, SunEdison Holdings Corp. wholly and directly owns SunEdison LLC, and SunEdison wholly and directly owns SunEdison Holdings Corp. SunEdison is a publicly traded company that develops wind and solar energy projects and sells photovoltaic energy solutions.
BAL Advisory is an indirect, wholly owned subsidiary of Bank of America Corp. Bank of America is a bank holding company and a financial holding company, subject to the primary regulation of the Federal Reserve under the Bank Holding Company Act of 1956.