The Federal Energy Regulatory Commission on Sept. 2 approved a July 20 application from Antelope DSR 2 LLC covering the acquisition by SPW Solar Holdings 3 LLC (SPW3) of 100% of the membership interests in Antelope.
The transaction includes the transfer to JPM Capital Corp. (JPMCC) of all of the non-controlling Class A Units in SPW3 and to SPW Solar Managing Member 3 LLC (SPWSMM3) of all of the controlling Class B Units in SPW3.
The order noted: “Although Antelope states that the Proposed Transaction may not require Commission approval under FPA section 203(a)(1), Antelope nevertheless seeks the Commission’s prior approval. This order approves the Proposed Transaction without making any determination of jurisdiction.”
Antelope owns the Antelope DSR 2 Project, a 5-MW solar photovoltaic project located in the City of Lancaster, Los Angeles County, California, within the California Independent System Operator market. Antelope expects to begin generating test power from the Antelope DSR 2 Project in September 2016 and begin commercial operation in October 2016. The entire output from the Antelope DSR2 Project is fully committed under a 20 year power purchase agreement with a non-affiliate.
Antelope is a wholly owned subsidiary of sPower FinCo 5 LLC (FinCo5), which is an indirect, wholly owned subsidiary of FTP Power LLC (FTP). Prior to closing of this transaction, it will become a wholly owned subsidiary of FTP through an internal corporate reorganization. After the now-approved transaction closes, FTP will continue to have control over Antelope due to its control over SPWSMM3.
JPMCC is an indirect, wholly owned subsidiary of JPMorgan Chase & Co., a financial holding company.