Solar developer Cypress Creek to take over developer FLS Energy

Innovative Solar 43 LLC and Innovative Owner 43 LLC applied Nov. 7 at the Federal Energy Regulatory Commission for approval of the sale of a 38.9-MW (ac) solar photovoltaic facility that is currently under development in the Town of Ivanhoe, Bladen County, North Carolina.

They asked that FERC approve the acquisition by Cypress Creek Holdings LLC of 100% of the outstanding common and preferred stock in FLS Energy Inc. from the stockholders of FLS Energy. Upon consummation of this transaction, Cypress Holdings will acquire an indirect controlling interest in both of the applicants and the Innovative Solar 43 project. They want a FERC approval by Dec. 5.

Innovative Solar 43 and Innovative Owner 43 are affiliates and indirect subsidiaries of FLS Energy. Innovative Owner 43 owns the project,. Innovative Solar 43 will operate the project, control all physical assets comprising the project, and sell all of the output.

The project is located within the Duke Energy Progress (DEP) balancing authority area in the Southeast region. The applicants expect the project to begin generating test power in December 2016 and to achieve commercial operation prior to Jan. 1, 2017. Innovative Solar 43 is committed to sell the entire output from the project under a 10-year power purchase agreement with DEP.

FLS Energy is a full-service solar energy provider that, indirectly through its subsidiaries, owns and operates a portfolio of solar energy assets in North Carolina.

Cypress Holdings has a primary place of business in Santa Monica, California. Cypress Holdings is engaged in the energy industry and in constructing renewable energy projects.

Said the Nov,. 7 application: “Upon consummation of the Proposed Transaction, (1) Cypress Holdings will own one hundred percent (100%) of the outstanding common and preferred stock in FLS Energy and have the right, through FLS Energy, to control the Applicants and the Project on a day-to-day basis and (2) the Stockholders will no longer have any control over FLS Energy, the Applicants, or the Project.

“Cypress Holdings does not directly own or control any electric generating or transmission assets or generation output. Ownership of the renewable projects of Cypress Holdings is structured primarily through two subsidiaries, Cypress Creek Renewables, LLC and Cypress Creek Power, LLC. Through these subsidiaries…Cypress Holdings is a national provider of solar farms with over $1.5 billion raised and invested, with approximately 587 MWs expected to be operational by the end of 2016 as part of a total of over 4 gigawatts of solar generation either deployed or under development.”

Listed FLS Energy projects include:

  • Innovative Solar 43 LLC, in-service date in 12/2016 (est.), 38.9 MW;
  • Beetle Solar LLC, Duke Energy Carolinas territory-Southeast, in-service 12/2016 (est.), 4 MW;
  • Carol Jean Solar LLC, Duke Energy Carolinas-Southeast, in-service in 12/2016 (est.), 4 MW;
  • Exum Farm Solar LLC, Duke Energy Carolinas-Southeast, in-service in 12/2016 (est.), 4.95 MW;
  • Franklinton Solar LLC, Duke Energy Progress-Southeast, in-service in 12/2016 (est.), 4.999 MW;
  • Husky Solar LLC, Duke Energy Carolinas-Southeast, in-service in 12/2016 (est.), 5 MW;
  • Innovative Solar 65 LLC, Duke Energy Progress-Southeast, in-service in 12/2016 (est.), 4.995 MW;
  • Kennedy Solar LLC, Duke Energy Progress-Southeast, in-service in 12/2016 (est.), 4.99 MW;
  • Lincoln Solar LLC, Duke Energy Carolinas-Southeast, in-service in 12/2016 (est.), 4.99 MW;
  • Pollocksville Solar LLC, Duke Energy Progress-Southeast, in-service in 12/2016 (est.), 4.999 MW;
  • St. Pauls Solar 1 LLC, Duke Energy Progress-Southeast, in-service in 12/2016 (est.), 4.998 MW;
  • Meadowbrook Solar LLC, Duke Energy Carolinas-Southeast, in-service in 11/2016 (est.), 4.99 MW.

Cypress Creek projects include:

  • Stainback Solar Farm LLC, Duke Energy Progress-Southeast, in-service 9/27/2016, 6.954 MW;
  • Sullivan Solar LLC, Duke Energy Indiana-Southeast, in-service 9/2/2016, 7.054 MW;
  • Wortham Solar Farm LLC, Duke Energy Progress-Southeast, in-service 9/13/2016, 6.361 MW;
  • ZV Solar 1 LLC, Duke Energy Progress-Southeast, in-service 6/21/2016, 7.008 MW.

A company contact is: Patty Wright, Director of Legal Operations, FLS Energy Inc., 130 Roberts Street, Asheville, NC 28801, Telephone: (828) 233-8117, pwright@flsenergy.com.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.