FERC on Nov. 22 approved an Oct. 17 application from Sunflower Wind Project LLC for approval of the transfer of certain indirect membership interests in the Sunflower Wind Project in North Dakota.
Specifically, Special Situations Investing Group II LLC or another affiliate of Goldman Sachs Group Inc. will acquire 100% of the passive Class A membership interests in Sunflower Wind Holdings LLC.
FERC noted: "Applicant states that the Proposed Transaction may not require authorization under FPA section 203(a)(1); however out of an abundance of caution, it nonetheless requests the Commission to authorize the Proposed Transaction. This order authorizes the Proposed Transaction without making any determination of jurisdiction."
Sunflower Wind Project is constructing and will own and operate a 104-MW wind facility in Stark and Morton counties, North Dakota. The facility is expected to achieve commercial operation by the end of 2016. It will be interconnected to the transmission system owned by the Western Area Power Administration, Upper Great Plains East (WAUE) and operated by the Southwest Power Pool (SPP).
The entire output of the facility will be sold under a long-term power purchase agreement (PPA) with Basin Electric Power Cooperative for firm sales of energy and capacity for a 25-year term. Sunflower Wind Project is an EWG and is authorized to sell energy, capacity, and ancillary services at market-based rates.
Sunflower Wind Project is a wholly owned, direct subsidiary of Sunflower Wind Holdings, which is a wholly-owned, direct subsidiary of Sunflower Renewables LLC and an indirect subsidiary of IIF US Holding 2 LP (IIF US Holding 2). IIF US Holding 2 is an infrastructure investment fund managed and controlled by its general partner, IIF US Holding 2 GP LLC (IIF GP 2), which is owned by three individuals. IIF GP 2 is the general partner of IIF US Holding LP (IIF US Holding), which is another infrastructure investment fund that invests in electric generation facilities.