The Federal Energy Regulatory Commission on July 8 approved a June 1 application from Northbrook New York LLC for authorization for Glen Park Hydro LLC to acquire all of the ownership interests in the applicant from Fort Chicago Holdings II U.S. LLC.
Northbrook New York owns and operates a 33-MW hydroelectric facility located in Jefferson County, New York, within the New York Independent System Operator (NYISO) market, along with interconnection facilities necessary to make wholesale power sales from the project. This facility is interconnected with the transmission system owned by National Grid and operated by NYISO. The electric output from the facility is sold to Shell Energy North America (US) LP.
Northbrook New York is a wholly owned subsidiary of Chicago Holdings and an indirect subsidiary of Veresen Inc. Glen Park is a special purpose entity formed to own 100% of the membership interests in Northbrook New York. Prior to consummation of this transaction, Glen Park will be a jointly owned company in which Glen Park Holdco LLC will own the controlling 98.5% of the membership interests and EH Principals Group LLC will own 1.5% of the membership interests.
Glen Park Holdco is a wholly owned subsidiary of Restless Hydro LLC, which is indirectly controlled by I Squared Capital, a private equity investment manager. Glen Park is an affiliate of Little Falls Hydroelectric Associates, which owns a 13.6 MW hydroelectric facility and Lyonsdale Associates LLC, which owns a 3 MW hydroelectric facility, both within the NYISO market.
Under a Purchase and Sale Agreement, Chicago Holdings will sell to Glen Park all of the ownership interests in Northbrook New York. Subsequent to consummation of the transaction, Northbrook New York will continue to own its assets.