On Dec. 30, the Federal Energy Regulatory Commission approved a Nov. 15 application from Solar Star California XLI LLC (Stanford Project Company), Golden Fields Solar I LLC (Turlock Project Company, together called the Project Companies), NES Rosamond 1S LLC (New Energy Stanford) and NES Rosamond 2T LLC for two transactions.
They involve the transfer of control associated with indirect membership interests in the Project Companies from SunPower Corp. to New Energy Stanford and New Energy Turlock, respectively.
The Stanford Project Company and Turlock Project Companies were formed for the purposes of developing, constructing, owning and operating the Stanford Solar Generating Station (the Stanford Project) and the Golden Fields Solar I Project (the Turlock Project), respectively, each an approximately 54-MW photovoltaic facility located in Kern County, California.
Each of the projects was expected to begin generating test power and commence commercial operation in December 2016. The projects include interconnecting transmission facilities necessary to connect them to the Southern California Edison (SCE) transmission system operated by the California Independent System Operator (CAISO).
Pursuant to a Shared Facilities Agreement on file with the commission, the Project Companies will share with each other and three other generating facilities, each of which is currently under development and indirectly wholly owned by SunPower, certain common premises and facilities, including approximately three miles of 220-kilovolt transmission line necessary to interconnect the Project Companies’ respective generating facilities to the SCE transmission system.
SunPower is a vertically-integrated solar products and services company that designs, manufactures and delivers solar photovoltaic panels and electricity generating systems to residential, business, government and utility customers.
As of the date of this application, Total Energies Nouvelles Activités USA SAS, which is a wholly owned subsidiary of Total S.A. (Total), owns approximately 60% of the issued and outstanding share of SunPower’s common stock.
New Energy Stanford is a company formed solely for purposes of these transactions and taking the indirect ownership interests of the Stanford Project Company. New Energy Stanford is a wholly owned subsidiary of New Energy Solar US Corp. (New Energy Solar US). New Energy Turlock is a company formed solely for the purposes of these transactions and taking the indirect ownership interest of the Turlock Project Company. New Energy Turlock is also a wholly owned subsidiary of New Energy Solar US.
New Energy Solar US is a subsidiary of New Energy Solar, an investment fund headquartered in Australia. New Energy Solar focuses on acquiring and maintaining a diversified portfolio of solar and other renewable energy assets across the globe. New Energy Solar is managed by New Energy Solar Manager Pty Ltd.
Upon closing of these transactions, active control of the Project Companies will transfer from SunPower to New Energy Stanford and New Energy Turlock, respectively.