The Federal Energy Regulatory Commission on Oct. 11 approved a Sept. 9 application from Solverde 1 LLC for authorization for JPM Capital Corp. to acquire an indirect interest in Solverde 1.
FERC noted: “Solverde states that the Proposed Transaction may not require Commission approval under section 203(a)(1); however, out of an abundance of caution, it nevertheless asks the Commission to authorize the Proposed Transaction. This order authorizes the Proposed Transaction without making any determination of jurisdiction.”
Solverde is an exempt wholesale generator with market-based rate authority. It owns an approximately 85-MW photovoltaic project located in the City of Lancaster, Los Angeles County, California. The Solverde 1 Project is situated within the California Independent System Operator (CAISO) market. Output from Solverde 1 Project is committed under a long-term power purchase agreement to an unaffiliated entity.
Solverde is an indirect subsidiary of FTP Power LLC, which has the right to control it and the Solverde 1 Project on a day-to-day basis.
JPM Capital is an indirect subsidiary of financial service company JPMorgan Chase & Co.
Solverde 1 on July 18 requested that FERC issue an order that accepts its market-based rate schedule. It said it expects the Solverde 1 Project to begin generating test power during October 2016 and to reach commercial operation in November 2016. It is committed to sell the entire output from the Solverde 1 Project under a 20-year power purchase agreement with the California Department of Water Resources.