The staff of the Public Utility Commission of Texas on Nov. 28 recommended commission approval of an Oct. 21 application from Cotton Plains Holdings LLC for the issuance of passive equity interests to JPM Capital Corp., Tyr Cotton Plains LLC and Firstar Development LLC (collectively referred to as the investors).
Final approval would result in Cotton Plains and its affiliates together with the three investors and their affiliates owning and controlling combined direct and indirect generation of approximately 1,315 MW, or approxiinately 1.4%, of the installed capacity in ERCOT or capable of delivery into ERCOT.
Cotton Plains owns 100% of the equity interests in Cotton Plains Wind I LLC, Old Settler Wind LLC, and Phantom Solar LLC. These companies are each developing a generation facility located in Texas.
- Cotton Plains Wind I is developing the Cotton Plains Wind project, a 50.4-MW project located in Floyd County, Texas, which is projected for commercial operation on or about Feb. 1, 2017;
- Old Settler Wind is developing a 151.2-MW project located in Floyd County, Texas, that is projected for commercial operation by March 15, 2017; and
- Phantom Solar is developing a 15.4-MW (ac) solar project located in Coryell County, Texas, and Bell County, Texas, at the U.S. Army Garrison Fort Hood, which is projected for commercial operation on or about March 15, 2017.
Cotton Plains and Old Settler each will be interconnected into the Electric Reliability Council of Texas (ERCOT) transmission system with Sharyland Utilities LP as the transmission service provider. Phantom Solar, although located within ERCOT, will be supplying all of its energy output to the U.S. Army Garrison Fort Hood and will not be interconnected to the ERCOT grid.
Under an Equity Capital Contribution Agreement, Cotton Plains Holdings intends to issue passive Class A interests in itself to the investors while the equity interests held by Cotton Plains Holdings will be converted into Class B managing interests. The investors will be passive equity interest holders.