Mariah del Norte LLC, which is developing a 230-MW wind project, on May 31 applied at the Public Utility Commission of Texas for approval of the issuance of passive equity interests (also referred to as “Class A interests”) in Mariah to MidAmerican Wind Tax Equity Holdings LLC, Citicorp North America and HSBC USA Inc.
Mariah is developing an approximately 230 MW wind project in Partner, Castro and Deaf Smith counties, Texas. The project will be interconnected into the Electricity Reliability Council of Texas (ERCOT) with Sharyland Utilities LP as its transmission service provider.
The project is expected to commence commercial operation on or about Oct. 31, 2016.
FR Mariah Holdings LLC, through its subsidiary, FR Mariah Holdings II LLC, indirectly owns 100% of the equity interests in Mariah. Pursuant to the terms of an Equity Capital Contribution Agreement (“ECCA” or “Tax Equity Agreement”), Mariah Holdings intends to issue passive Class A interests in Mariah to the three investors while the equity interests indirectly held by Mariah Holdings will be converted into Class B managing interests. FR Mariah is an affiliate of equity investor First Reserve.
The company asked the Texas commission to grant an approval by Aug. 2, 2016.