The Federal Energy Regulatory Commission on Oct. 31 approved a Sept. 29 application from Boulder Solar II LLC and Avangrid Renewables LLC for authorization for a transaction whereby BSP II Parent LLC (BSP II) will sell, and Avangrid Renewables will purchase, 100% of the membership interests in Boulder Solar II.
Boulder Solar II is developing a 50-MW photovoltaic facility located in the Nevada Power d/b/a NV Energy balancing authority area. Boulder Solar II is a limited liability company developing the facility, which is located in Clark County, Nevada. Boulder Solar II is an exempt wholesale generator and has authorization to sell electric energy, capacity and ancillary services at market-based rates. Boulder Solar II will sell all of its net output to NV Energy under a 20-year power purchase agreement (PPA) that expires in 2037.
Boulder Solar II is an indirect, wholly owned subsidiary of SunPower Corp. SunPower is a vertically integrated solar products and services company that designs, manufactures, and delivers photovoltaic panels and electric generating systems.
Avangrid Renewables operates as a power marketer and has market-based rate authority. Avangrid Renewables does not directly own or control any generating or transmission facilities. Avangrid Renewables is a direct, wholly owned subsidiary of Avangrid Renewables Holdings Inc., which in turn is a direct, wholly owned subsidiary of AVANGRID Inc. Through its subsidiaries, AVANGRID is an energy services and delivery company with operations in New York, Maine, New Hampshire, and Connecticut. AVANGRID is a direct subsidiary of Iberdrola S.A., a public utility holding company organized under the laws of Spain.
Under a Term Sheet, BSP II will sell, and Avangrid Renewables will purchase, 100% of the ownership interests in Boulder Solar II. Boulder Solar II will become a direct, wholly owned subsidiary of Avangrid Renewables, which in turn is an indirect subsidiary of Iberdrola. After closing of this transaction, Boulder Solar II will no longer be affiliated with SunPower or any of its subsidiaries.
Notable is that FERC on Sept. 15 accepted an Aug. 19 filing by Boulder Solar II LLC of a market-based rate application. The application said the project was expected to begin trial operation and testing in October 2016 and to achieve commercial operation in December 2016.