Cotton Plains Holdings LLC applied Oct. 21 at the Public Utility Commission of Texas for approval of the issuance of passive equity interests (also referred to as “Class A interests”) in itself to JPM Capital Corp., Tyr Cotton Plains LLC and Firstar Development LLC.
Cotton Plains Holdings owns 100% of the ownership interests in three project companies, each of which is developing a generation project located in Texas.
Those projects and companies are:
- Cotton Plains Wind I LLC, which is developing the Cotton Plains Wind project, a 50.4-MW project located in Floyd County, Texas, currently projected for commercial operation on or about Feb. 1, 2017;
- Old Settler Wind LLC, which is developing a 151.2-MW project located in Floyd County, Texas, currently projected for commercial operation on or about March 15, 2017; and
- Phantom Solar LLC, which is developing a 15.4-MW (ac) solar project located in Coryell County, Texas, and Bell County, Texas, at the U.S. Army Garrison Fort Hood, currently projected for commercial operation on or about March 15, 2017.
Cotton Plains and Old Settler each will be interconnected into the Electric Reliability Council of Texas (ERCOT) transmission system with Sharyland Utilities LP as the transmission service provider. Phantom Solar, although located within ERCOT, will be supplying all of its energy output to the U.S. Army Garrison Fort Hood and will not be interconnected to the ERCOT grid.
Under an Equity Capital Contribution Agreement, Cotton Plains Holdings intends to issue passive Class A interests in itself to the Investors while the equity interests held by Cotton Plains Holdings will be converted into Class B managing interests. The Investors will be passive equity interest holders. As such, it is unclear that approval of the transaction is necessary in this instance because the issuance of passive equity interests does not cause Cotton Plains Holdings to “become affiliated with” the Investors, the company said. However, because the commission has declined in previous cases to consider whether approval is necessary, Cotton Plains Holdings is requesting approval out of an abundance of caution.
A company contact is: Cotton Plains Holdings LLC c/o Apex Clean Energy Inc., 310 4th St. NE, Suite 200, Charlottesville, VA 22902, Attention: Liz Weir, Telephone: (434) 282-2112, email@example.com.