On July 6, the Federal Energy Regulatory Commission approved a June 8 application from Beacon Solar 4 LLC for authorization for a transaction whereby PNC Commercial LLC (PNC) and Firstar Development LLC (Firstar) will each acquire a passive, non-controlling interest in Beacon Solar 4.
This project company owns the Beacon Solar 4 Project, a solar photovoltaic facility with a nameplate capacity rating of about 50 MW under development in Kern County, California. It is located within the Los Angeles Department of Water and Power (LADWP) balancing authority area. The entire output from the Beacon Solar 4 Project is committed to LADWP under a 25-year power purchase agreement.
- Beacon Solar 4 is a wholly owned subsidiary of FTP Power LLC.
- Passive investor PNC is a subsidiary of PNC Financial Services Group Inc., which operates a banking franchise. PNC primarily serves as PNC Financial Service’s tax equity investment arm for its renewable energy portfolio.
- USB, through its subsidiary U.S. Bank National Association (U.S. Bank), operates a commercial bank in the United States. USB is the sole shareholder of Firstar Capital Corp., which is the sole member of passive investor Firstar Development. Firstar primarily serves as USB’s tax equity investment arm for its renewable energy portfolio and owns passive, non-voting interests in qualifying facilities and EWGs throughout the United States.