Castleton Energy Center LLC, Castleton Power LLC and Fortistar Castleton LLC on June 24 urged the New York State Public Service Commission to act soon on their April 26 application for the proposed transfer of indirect ownership interests in a 72-MW facility in Castleton, New York.
Said the June 24 filing: “As of today, no comments have been filed on the Petition. Further, the Federal Energy Regulatory Commission issued an order on June 22, 2016 approving the Transaction under Section 203 of the Federal Power Act. Petitioners respectfully request that the Commission rule on the Petition at its July 14, 2016 session to allow the Petitioners to close on the Transaction on their scheduled closing date of July 19, 2016.”
FERC on June 22 approved a May 10 application from Castleton Energy Services LLC, Castleton Power LLC and Fortistar Castleton LLC to authorize the sale by Castleton Energy Center LLC (CEC) of all of the outstanding equity interests in Castleton Energy and Castleton Power to Fortistar Castleton.
Castleton Power owns and operates a 72-MW, natural gas-fired facility located in Castleton-on-Hudson, New York, within the New York Independent System Operator (NYISO) market. Castleton Energy Services facilitates certain energy management services for the Castleton Facility, including for the sale of capacity and energy produced by the Castleton Facility. Castleton Power and Castleton Energy Services are authorized to sell energy, capacity and ancillary services at market-based rates.
Castleton Power and Castleton Energy are owned by CEC, which is wholly owned by Wayzata Opportunities Fund LLC, a private investment fund in which no single member owns more than a 10% equity interests. Wayzata is affiliated with other entities that engage in wholesale sales of electricity in the United States and that own interests in electric generating facilities.
Fortistar Castleton was formed for the purpose of acquiring the equity interests in Castleton Power and Castleton Energy. Fortistar Castleton is owned by Fortistar Castleton Holdings LLC, which is indirectly owned by Fortistar LLC. Fortistar LLC is engaged in the generation or sale of power from or only has indirect ownership interests in qualifying facilities, exempt wholesale generators and foreign utility companies.