FERC okays sale of passive interests in 155-MW Springbok 2 solar project

The Federal Energy Regulatory Commission on June 8 approved an April 14 application from 63SU 8ME LLC for authorization for the sale of 100% of the passive equity interests in its parent company, DESRI Springbok 2 Holdings LLC (Holdco), to State Street Bank and Trust Co. (SSBT), for its designee Antrim Corp., and Citicorp North America Inc. (Citi).

Applicant is developing and will own and operate an approximately 155-MW solar photovoltaic facility located in Kern County, California (the Springbok 2 Facility), within the Los Angeles Department of Water and Power balancing authority area. A portion of a collector substation and the tie-line are the subject of a Co-Tenancy and Shared Facilities Agreement between it and three affiliates.

Applicant is a wholly owned subsidiary of Holdco. DESRI Springbok 2 Financing LLC owns all of the managing interests in Holdco, and is indirectly, wholly owned by D.E. Shaw & Co. Inc. (DESCO Inc.). DESCO Inc. is owned by Dr. David E. Shaw, its chairman, president, and sole stockholder. 

Antrim is wholly owned by SSBT. SSBT is a wholly owned subsidiary of State Street Corp. (State Street), a financial holding company headquartered in Boston, Massachusetts. Antrim, SSBT and State Street directly or indirectly own interests in electric generation facilities in various markets across the United States, but none of their subsidiaries or affiliates is a traditional franchised utility.

Citi is a subsidiary of Citigroup Inc., a global financial services company.

63SU 8ME LLC had filed on May 23 at FERC a notice of self-certification of Exempt Wholesale Generator status for its 155-MW project. The output of the facility is fully committed under a 27-year power purchase agreement with the Southern California Public Power Authority expiring in 2043. Applicant expects to place the facility into commercial operation during the third quarter of 2016.

A project contact is: Nathan Thomas, Chief Compliance Officer, The D. E. Shaw Group, 1166 Avenue of the Americas, Ninth Floor, New York, NY 10036, Tel (212) 478-0000, regulatory@deshaw.com.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.