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NextEra unit to sell stake in Calif. transmission line

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NextEra unit to sell stake in Calif. transmission line

A subsidiary of NextEra Energy Resources LLC is seeking federal approval to sell its stake in a 46-mile California transmission line to a subsidiary of Terra-Gen Power Holdings II LLC.

The companies filed with the Federal Energy Regulatory Commission Aug. 7 for approval of a transaction in which the NextEra subsidiary will sell its ownership stake in an entity providing Terra-Gen Power Holdings II LLC with a 17.54% additional, indirect interest in the 230-kV Sagebrush transmission line. Upon deal close, Terra-Gen will indirectly own a combined 74.48% undivided interest, or about 312.53 MW, in the Sagebrush Line.

The transmission line and related facilities are used to link several generating projects to the transmission system owned by Southern California Edison Co. and operated by the California ISO. Under the Sagebrush general partnership agreement, partners in Sagebrush are allocated a pro rata share of the capacity of the Sagebrush Line.

Terra-Gen Power Holdings II LLC is owned by investment funds owned by Energy Capital Partners III LLC and several passive, limited partner investors.

The applicants asked FERC to approve the deal by Sept. 18. (FERC docket EC17-154)

NextEra Energy Resources is a subsidiary of NextEra Energy Inc., while SoCalEd is a subsidiary of Edison International.