Beacon Solar 4 LLC on Nov. 29 notified the Federal Energy Regulatory Commission of a change in ownership and the fact that its 50-MW (ac) project in Kern County, California, achieved mechanical completion in November and is due to go commercial in the same month.
It told FERC about the acquisition by FTS Beacon Solar Holdings LLC of 100% of the membership interests in Beacon Solar 4. More specifically, it is filing this notice to report the disposition to PNC Commercial LLC and Firstar Development LLC, passive investors in Beacon Solar Holdings, of an indirect, passive interest in Beacon Solar 4 as a result of the transaction.
Beacon Solar 4 said its project achieved mechanical completion in November 2016 and is scheduled to reach commercial operation in November 2016. It is committed to sell the entire output of the Beacon Solar 4 Project under a 25-year power purchase agreement with the Los Angeles Department of Water and Power (LADWP). The Beacon Solar 4 Project is interconnected to the LADWP-controlled transmission system.
Prior to the closing of this transaction, Beacon Solar 4 was a wholly-owned indirect subsidiary of FTP Power LLC. FTP had the right to control the project companyand the Beacon Solar 4 Project on a day-to-day basis.
On July 6, the commission approved this deal. Pursuant to the transaction: Beacon Solar Holdings owns 100% of the membership interests in Beacon Solar 4; Firstar and PNC each own 50% of the non-controlling, passive Class A Membership Interests in Beacon Solar Holdings; and FTS Beacon Solar Managing Member LLC, a wholly-owned indirect subsidiary of FTP, owns 100% of the controlling Class B Membership Interests in Beacon Solar Holdings.
Under the Beacon Solar Holdings Operating Agreement, Beacon Managing Member is the Managing Member of Beacon Solar Holdings with the right to control Beacon Solar Holdings and, through Beacon Solar Holdings, Bacon Solar 4 LLC and the Beacon Solar 4 Project on a day-to-day basis.