The Federal Energy Regulatory Commission on Sept. 30 approved an Aug. 31 application from Grand View PV Solar Two LLC for authorization for a tax equity transaction wherein Citicorp North America Inc. (called the “Class A Equity Investor”) would acquire non-controlling, passive, Class A membership interests in Grand View.
FERC noted: “Grand View states that, although the Proposed Transaction may not require authorization under section 203(a)(1) of the [Federal Power Act], it nevertheless asks the Commission to authorize the Proposed Transaction. This order authorizes the Proposed Transaction without making any determination of jurisdiction.”
Grand View owns an 80-MW ground-mounted photovoltaic solar facility located 20 miles southwest of Mountain Home, Idaho. The facility is scheduled to begin commercial operation on or about Nov. 9, 2016. The facility is interconnected to the transmission system owned by Idaho Power and the facility’s full output will be sold to Idaho Power under a long-term power purchase agreement.
Grand View is wholly owned by CRE-Grandview Idaho (“Class B Equity Investor”). Centaurus Renewable Energy LLC (CRE) owns 100% of the Class A and Class C Units of the Class B Equity Investor, and Accordia Life and Annuity Co. owns 100% of the Class B Units of the Class B Equity Investor. CRE is wholly owned by Centaurus Capital LP. Centaurus Holdings LLC, whose sole manager is a Texas-based individual, is the general partner of Centaurus Capital. The sole manager of Centaurus Holdings is a Texas-based individual, John Arnold. Accordia is an affiliate of Global Atlantic Financial Group Ltd. (GAFG), a privately-held company with over 1,400 shareholders.
Neither Accordia nor GAFG have authority to manage, direct, or control the day-to-day activities of Grand View or its jurisdictional facilities beyond its passive, non-voting interest in Grand View. Grand View states that the Class A Equity Investor is a subsidiary of Citigroup Inc., a global financial services company that provides financial products and services to consumers.
On Sept. 29, FERC authorized Grand View to sell power at market-based rates from this project.