Elevation Solar C LLC on July 6 sought approval from the Federal Energy Regulatory Commission for the acquisition by SPW Solar Holdings 3 LLC of 100% of the membership interests in Elevation Solar C, which has a nearly-operational solar project in California.
More specifically, the company seeks commission authorization for the disposition to JPM Capital Corp., a passive investor in SPW3, of an indirect interest in Elevation Solar C. JPM Capital is an indirect, wholly-owned subsidiary of JPMorgan Chase & Co., an international financial services company.
Elevation Solar C owns a solar photovoltaic power project with a nameplate capacity rating of approximately 40 MW (ac) located in the City of Lancaster, Los Angeles County, California. The Elevation Solar C Project is located within the California Independent System Operator balancing authority area in the Southwest region. The company expects to begin generating test power from the Elevation Solar C Project in September 2016 and to achieve commercial operation in October 2016.
Elevation Solar C is committed to sell the entire output from the Elevation Solar C Project under a 25-year power purchase agreement with the City of Palo Alto.
Elevation Solar C is currently a wholly-owned subsidiary of sPower FinCo 4 LLC, which is a wholly-owned subsidiary of sPower Solar Holdings 4 LLC, which in turn is a wholly-owned subsidiary of Sustainable Power Group LLC (sPower). sPower is a wholly-owned subsidiary of FTP Power LLC. After the closing of the proposed transaction, FTP will continue to have control over Elevation Solar C.
A company contact is: Sean McBride, General Counsel, FTP Power LLC, 2180 South 1300 East, Suite 600, Salt Lake City, UT 84106, Telephone: (801) 679-3500, firstname.lastname@example.org.