On Nov. 16, the Federal Energy Regulatory Commission approved an Oct. 4 application from North Lancaster Ranch LLC, the developer of a solar project in California, that would allow JPM Capital Corp. to acquire an indirect interest in the applicant.
FERC noted: “Applicant 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.”
North Lancaster Ranch is developing an approximately 20-MW solar photovoltaic project located in the City of Lancaster, Los Angeles County, California. The North Lancaster Ranch Project is located within the California Independent System Operator (CAISO) market. The output from North Lancaster Ranch Project is committed under a long-term power purchase agreement to an unaffiliated entity.
Applicant submitted an application to the commission for authorization under Federal Power Act section 205 to make wholesale sales of electric energy, capacity, and ancillary services at market-based rates, has filed a notice with the commission of the North Lancaster Ranch Project’s status as a qualifying small power production facility, and has filed a notice of self-certification of Exempt Wholesale Generator status.
North Lancaster Ranch is a wholly-owned subsidiary of independent power developer FTP Power LLC. New investor JPM Capital is an indirect subsidiary of financial service company JPMorgan Chase & Co.
North Lancaster Ranch won an Oct. 21 approval from FERC of its market-based rate schedule under which it will sell electric energy, capacity, and ancillary services at market-based rates. It said the North Lancaster Ranch Project is expected to both begin generating test power and to reach commercial operation in December 2016.
The project company is committed to sell the entire output from the North Lancaster Ranch Project under a 20-year power purchase agreement with Southern California Edison. The North Lancaster Ranch Project will interconnect with the CAISO-controlled grid at the Antelope Substation.