The Federal Energy Regulatory Commission on Dec. 16 approved a Nov. 16 application from Great Western Wind Energy LLC for authorization to effectuate a tax equity transaction involving an upstream disposition of 100% of the Class A non-managing membership interests in Great Western, which is wholly owned by EDF Renewable Energy Inc. (EDF-RE), to Allianz Renewable Energy Partners of America LLC, Bankers Commercial Corp. (BCC), and potentially an additional investor that is not yet identified.
The Class B managing membership interests in Great Western will be indirectly owned by EDF-RE, and as a result, EDF-RE will continue to have day-to-day control over Great Western.
Great Western is an exempt wholesale generator (EWG) with market-based rate authorization. Great Western is developing and will own and operate a 225-MW wind facility and related generation interconnection facilities to be located in Ellis and Woodward counties, Oklahoma. The facility will be interconnected to the transmission system owned by Oklahoma Gas and Electric and operated by the Southwest Power Pool (SPP). Great Western had previously told FERC this project was due in first operation in October of this year.
Allianz is an indirect, wholly owned subsidiary of Allianz SE, a societas Europaea (Allianz Parent), which is based in Germany. Allianz and Allianz Parent are not primarily engaged in energy-related activities, and Allianz owns passive, tax equity interests in certain entities that own renewable electric generation facilities in the United States, specifically wind facilities of approximately 300 MW in New Mexico and 200 MW in the Electric Reliability Council of Texas.
BCC invests in physical assets throughout the United States. BCC is owned by MUFG Americas Holdings Corp., a bank holding company that is headquartered in New York, New York.