SoftBank Group Corp. has replaced Fortress Investment Group LLC as the entity that ultimately controls the manager of the investment funds that own equity interests in two California solar projects.
SoftBank now owns an approximately 53.92% interest in Luz Solar Partners Ltd. III and a 49.95% stake in Luz Solar Partners Ltd. IV, according to a Dec. 28, 2017, filing with the Federal Energy Regulatory Commission. The Luz limited partnerships own and operate two 33-MW solar facilities, the SEGS III and SEGS IV plants. Both sell their output to Edison International subsidiary Southern California Edison Co.
The Luz entities are indirect subsidiaries of NextEra Energy Resources LLC, the competitive subsidiary of NextEra Energy Inc. NextEra's ownership in the Luz entities did not change as a result of the transaction between Softbank and Fortress.
The deal was approved by FERC on Sept. 6, 2017.
The transaction is part of a broader deal under which Tokyo-based Softbank Group will acquire Fortress Investment for about $3.3 billion in cash. (FERC docket EC17-137)
