The Federal Energy Regulatory Commission on Nov. 9 approved a Sept. 9 application from Paulding Wind Farm III LLC for Bankers Commercial Corp. and Antrim Corp. to acquire from EDPR Wind Ventures XVI LLC (Ventures XVI) 100% of its passive, non-managing Class B membership interests in Paulding III’s direct owner, 2016 Vento XVI LLC.
FERC noted: “Paulding III 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.”
Paulding III is an exempt wholesale generator with market-based rate authority. It is constructing, and will own and operate an approximately 100.8-MW wind facility located in Paulding County, Ohio. The facility is situated within the PJM Interconnection market.
Paulding III is a direct, wholly owned subsidiary of Vento XVI, which, in turn, is a direct wholly owned subsidiary of Ventures XVI, which, in turn, is a direct, wholly owned subsidiary of EDP Renewable North America LLC (EDPRNA). EDPRNA indirectly develops, owns, and operates renewable electric generation facilities throughout the United States.
Bankers is a wholly owned, non-bank subsidiary of MUFG Americas Holdings Corp., which is directly wholly owned by Mitsibishi UFJ Financial Group Inc., a publicly traded corporation organized under the laws of Japan.
Atrium is an indirect wholly owned subsidiary of State Street Bank and Trust Co., which, in turn, is directly wholly owned by State Street Corp., a financial holding company regulated by the Federal Reserve.
These investors will acquire from Ventures XVI 100% of its passive, non-managing Class B interests in Vento XVI, and indirectly, Paulding III. The Class B interests will give these new Investors only consent rights necessary to protect their economic interests, and not the ability to participate in the day-to-day management of Paulding III and the Paulding III Facility. Thus, EDPRNA, through Ventures XVI, will continue to control Paulding III and the Paulding III Facility.