The Federal Energy Regulatory Commission on Dec. 12 approved a Nov. 9 application from Kelly Creek Wind LLC for authorization of the upstream disposition of 100% of the Class A non-managing membership interests in Kelly Creek, which is indirectly wholly owned by EDF Renewable Energy Inc., to Allianz Renewable Energy Partners of America LLC.
Kelly Creek is developing and will own and operate an approximately 184-MW wind facility and related generation interconnection facilities to be located in Ford and Kankakee counties, Illinois. It will be interconnected to the transmission system operated by PJM Interconnection.
Kelly Creek is an exempt wholesale generator to which the commission has granted market-based rate authorization. The output of the facility will be sold into the PJM market.
Allianz is an indirect, wholly-owned subsidiary of Allianz SE, a societas Europaea (Allianz Parent), which is based in Germany. Allianz owns passive, tax equity interests in certain entities that own renewable electric generation facilities in the United States, none of which are located in the Eastern Interconnection.
Under this transaction, Allianz will acquire 100% of the Class A (tax equity) non-managing membership interests in Kelly Creek, for an amount in excess of $10 million. To effectuate the tax equity investment in Kelly Creek, the interests held by EDF-RE Holdings will be converted to Class A non-managing membership interests and the EDF-RE US membership interests will be converted to Class B membership interests. All of the Class A non-managing interests will be sold to Allianz.
The Kelly Creek Facility consists of 92 Vestas wind turbine generators, each with a nameplate rating of 2 MW. The facility is in the final stages of construction and has been scheduled to commence commercial operation in December 2016.