The Federal Energy Regulatory Commission on Nov. 16 approved a Sept. 30 application from Utah Red Hills Renewable Park LLC for authorization for MIC Renewable Energy Holdings LLC (called the “Buyer”) to purchase from Solveig Solar Holdings LLC (“Seller”) 100% of the issued and outstanding membership interests in Solveig Solar 01 UT LLC, an upstream owner of Utah Red Hills.
When this deal is done, the Seller will no longer hold any ownership interest in Utah Red Hills. Utah Red Hills is an exempt wholesale generator, with market-based rate authority. It owns and operates a qualifying facility, with a net generating capacity of 78.6 MW, located near the town of Parowan, Utah. Utah Red Hills is interconnected to the PacifiCorp system and sells the entire output of the project to PacifiCorp under a 20-year power purchase agreement, executed under the Public Utility Regulatory Policies Act of 1978 (PURPA).
The Buyer is an indirect, wholly-owned subsidiary of Macquarie Infrastructure Corp. (MIC). MIC is a public company listed on the New York Stock Exchange, and it is externally managed by a wholly-owned, indirect subsidiary of Macquarie Group Ltd. (MGL). MGL is a provider of banking, financial advisory, investment, and funds management services. MGL indirectly owns 10% or more of the outstanding voting interests in Puget Sound Energy and Cleco Power LLC. MGL indirectly owns 100% of Macquarie Energy LLC, which operates as a power marketer in various markets in the United States.
Pelican Solar UT LLC, an indirect, wholly owned subsidiary of Google Inc., owns 100% of the Class A passive, non-controlling membership interests in URH Holdco. Pelican Solar’s membership interests in URH Holdco will not be impacted by this transaction.
A Seller contact is: Snorre Valdimarsson, General Counsel, Solveig Solar Holdings LLC c/o Scatec Solar ASA, Karenslyst Allé 49 0279, Oslo, Norway, Tel: 47 48 08 55 00, snorre.valdimarsson@scatecsolar.com.
