The Federal Energy Regulatory Commission on Dec. 15 approved an Oct. 17 application from Coram California Development LP for the sale to CED Coram Wind Holdings LLC (CED) by RET Holdings LLC (RET Holdings) of 100% of the ownership interests in Coram Wind Holdings LLC (Coram Holdings).
Applicant owns an 102-MW wind facility located in Kern County, California, and interconnected to the California Independent System Operator (CAISO) transmission grid. Coram is an exempt wholesale generator that has been authorized to make wholesale sales of electric energy, capacity and ancillary services at market-based rates. All of the output from Coram’s facility is sold to Pacific Gas and Electric under a long-term agreement.
RET Tehachapi Wind Development LLC (RET Tehachapi Wind) is the limited partner and owner of 99.99 percent of the partnership interests in Coram. RET Coram Tehachapi Wind GP LLC (RET Coram) is the general partner and owner of a 0.01 percent partnership interest in Coram. Both RET Tehachapi Wind and RET Coram are wholly owned, indirect subsidiaries of Coram Holdings which is a wholly owned, indirect subsidiary of Renewable Energy Trust Capital, Inc.
CED is a wholly owned subsidiary of Consolidated Edison Development Inc., which is a wholly owned subsidiary of Consolidated Edison Inc. (CEI), an investor owned utility. CED is affiliated with several entities that own or control generation facilities throughout the U.S.
Under the terms of a Membership Interest Purchase Agreement, RET Holdings will transfer to CED 100 percent of the membership interest of Coram Holdings. Following the consummation of this transaction, CED will own 100 percent of the membership interests in Coram Holdings, and will indirectly own 100 percent of Coram and its jurisdictional facilities.