The Federal Energy Regulatory Commission on Aug. 11 approved a July 7 application from Western Antelope Blue Sky Ranch B LLC for the acquisition by SPW Solar Holdings 3 LLC (SPW3) of 100% of the membership interests in Western Antelope.
Western Antelope also sought authorization to transfer to JPM Capital Corp. the non-managing, passive Class A Units in SPW3. Western Antelope said this transaction may not require commission approval, but asked for it anyway out of an abundance of caution. “This order authorizes the Proposed Transaction without making any determination of jurisdiction,” said the Aug. 11 FERC order.
Western Antelope is a wholly owned subsidiary of FTP Power LLC. It owns a 20-MW solar photovoltaic project (WABSRB Project) located in the City of Lancaster, Los Angeles County, California, within the California Independent System Operator region. Western Antelope expects to begin generating test power from the WABSRB Project in October 2016 and achieve commercial operation in November 2016. Western Antelope has committed to sell the entire output from the WABSRB Project under a 25-year power purchase agreement with the City of Palo Alto.
The buyer, SPW3, is an affiliate of Western Antelope. Through its subsidiaries, including Western Antelope, SPW3’s principal business is indirectly owning and operating solar photovoltaic facilities in the United States. Western Antelope states that SPW Solar Managing Member 3 LLC (SPWSMM3) is the Managing Member of SPW3 and will have the right to control SPW3 on a day-to-day basis following the closing of this transaction. SPWSMM3 is a wholly owned subsidiary of sPower FinCo 4 LLC (FinCo 4). FinCo 4 is a wholly owned subsidiary of sPower Solar Holdings 4 LLC (Holdings), which in turn is a wholly owned subsidiary of Sustainable Power Group LLC (sPower). sPower is a wholly owned subsidiary of FTP Power.
JPM Capital is an indirect wholly owned subsidiary of JPMorgan Chase & Co., an international financial services company.