Odell Wind seeks approval from FERC for ownership change

Odell Wind Farm LLC, Algonquin Power (Odell Holdings) Inc. (“Algonquin Member”), Odell SponsorCo LLC, Odell Holdings LLC (“Holdings”) and Enel Kansas LLC on July 22 asked that the Federal Energy Regulatory Commission grant all necessary authorizations for a transaction associated with the acquisition by the Algonquin Member of all of the membership interests in SponsorCo.

SponsorCo is the indirect owner of the Odell project, a 200-MW wind facility currently under construction and located in Cottonwood, Jackson, Martin and Watonwan counties, Minnesota. Applicants seek authorization for the Algonquin Member to acquire the remaining 50% of the interests in SponsorCo currently owned by Enel Kansas. After the purchase, Algonquin Member will own 100% of the membership interests in SponsorCo.

Odell is solely in the business of developing, owning and operating its facility in the Midcontinent Independent System Operator region. Odell is an exempt wholesale generator and has market-based rate authority.

Odell has executed a long-term Power Purchase Agreement with Xcel Energy’s (NYSE: XEL) Northern States Power subsidiary for the entire capacity of the facility.

Odell’s sole and managing member is Holdings. Currently, Holdings’ sole and managing member is SponsorCo. Upon closing of this Tax Equity Transaction, Holdings will issue passive Class A interests to JPM Capital and MetLife and will issue Class B interests to SponsorCo in exchange for the interests currently held by SponsorCo in Holdings. SponsorCo has two members with an equal fifty percent interest: Enel Kansas and Algonquin Member.

Algonquin Member is a wholly owned subsidiary of Algonquin Power Fund (America) Inc., which is a wholly owned indirect subsidiary of Algonquin Power Co., a trust formed under the laws of the Province of Ontario, Canada. Algonquin Power Co.’s ultimate parent is Algonquin Power & Utilities Corp., a diversified electric power generation and utility infrastructure company with a principal place of business in Oakville, Ontario. Algonquin is a publicly traded company on the Toronto Stock Exchange. Through its distinct operating subsidiaries, Algonquin owns and operates a diversified portfolio of renewable electric generation, electric transmission and utility businesses throughout North America.

Odell noted that it is affiliated with:

  • Deerfield Wind Energy LLC, which intends to construct, own, and operate a 149 MW (nameplate) wind facility located in central Michigan in the MISO BAA. Deerfield Wind anticipates that it will begin commercial operation during 2016/2017.
  • Great Bay Solar I LLC, which intends to construct, own, and operate an approximately 75 MW solar facility located in Maryland in the PJM BAA. Great Bay anticipates that it will begin commercial operation during 2017.
  • Algonquin SKIC 10 Solar LLC, which is developing a 10 MW solar facility located in Kern County, California. The facility is expected to achieve commercial operation (as defined in the long-term Power Purchase Agreement with Southern California Edison) in or around August 2016.
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.