JPM Capital approved to take indirect interest in 85-MW Solverde 1 project

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.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.