The Federal Energy Regulatory Commission on Nov. 23 approved an Oct. 20 application from Vantage Wind Energy LLC covering a change in Vantage’s ownership whereby Vantage Class B Holdings LLC (VCB Holdings) will acquire from Macquarie Washington Wind LLC all the passive, non-controlling Class A membership interests that this Class A Investor holds in Vantage Wind Holdings LLC (Vantage Holdings).
This will result in Macquarie no longer owning any indirect ownership interests in Vantage. Macquarie is indirectly owned by Macquariem Group Ltd.
Vantage is an exempt wholesale generator (EWG) with market-based rate authority. Vantage owns and operates a 90-MW wind farm in Kittitas County, Washington, together with limited interconnection facilities that are necessary to connect its generation facilities to the transmission system owned by Puget Sound Energy. Vantage has entered into a long-term power sales agreement for its entire output to Pacific Gas & Electric.
Vantage is a direct, wholly owned subsidiary of Vantage Holdings. Currently, VCB Holdings directly owns the controlling interests in Vantage Holdings as the owner of 100% of the Class B membership interests in, and managing member of, Vantage Holdings. Macquarie owns all the passive, non-controlling Class A ownership interests in Vantage Holdings.
VCB Holdings is an indirect, wholly owned subsidiary of Invenergy Wind LLC, which is an indirect, partially owned subsidiary of Invenergy Investment Co. LLC.
Vantage states that, once conditions to closing on this transaction are met, VCB Holdings will make a cash payment to Macquarie in an amount agreed to by the parties to acquire all the passive, non-controlling Class A Investor’s ownership interests in Vantage Holdings. Once deal consummation occurs, Vantage Holdings will be a wholly owned subsidiary, rather than partially owned subsidiary, of VCB Holdings. Therefore, VCB Holdings will continue to directly, and Invenergy Investment will continue to indirectly, own the controlling interests in Vantage Holdings, and the indirect controlling interests in Vantage. Vantage notes that, while consummation of the transaction will result in an indirect change in the upstream ownership of Vantage, Vantage will continue to be the direct owner of its wholesale power sale agreements, interconnection facilities, and books and records.