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D.E. Shaw Renewable wins FERC approval for 2 tax equity deals

D. E. Shaw Renewable Investments LLC, or DESRI, on April 7 secured FERC approval for two tax equity deals involving the 52-MW MS Solar 2 power project in Lamar County, Miss.

Under the first deal, Citicorp North America Inc. will acquire all of the class A noncontrolling, passive equity interests in DESRI Mississippi Solar 2 Holdings, the direct owner of the facility.

The second transaction involves the creation of Renewable Energy AssetCo LLC by DESRI to acquire certain indirect membership interests in the facility. Ullico Infrastructure Desert Sky Holdco LLC and Desert Sky LP will then acquire 10% or more of the interests in AssetCo. Each of Ullico Desert Sky, Desert Sky LP and Citi will then indirectly own more than 10% of the interests in AssetCo. No other entity will own more than 5% of the interests in AssetCo.

The MS Solar 2 project is expected to go online in the second quarter of 2017. It will sell power to Southern Co. subsidiary Mississippi Power Co. under a 25-year contract. (FERC docket EC17-78)