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sPower to sell equity interest in 20-MW solar project to JPMorgan

A subsidiary of FTP Power LLC, or sPower, is seeking federal approval to sell a passive equity interest in a California solar project to JPM Capital Corp. for an undisclosed amount.

The sPower subsidiary filed Aug. 7 with the Federal Energy Regulatory Commission for approval to sell its class A and class B stakes in a planned 20-MW Bayshore Solar B plant in Los Angeles County, Calif.

Upon close of the proposed transaction, JPM Capital will own 100% of the noncontrolling, passive class A units in the entity that owns the solar project, and a subsidiary of sPower, SPW Solar Managing Member 4, will own 100% of the controlling class B units in the entity that owns the Bayshore plant.

JPM Capital is a subsidiary of JPMorgan Chase & Co. SPW Solar Managing Member 4 is a subsidiary of sPower. AES Corp. and Alberta Investment Management Corp. recently acquired sPower from Fir Tree Partners

The facility is expected to begin commercial operation in November and will sell its output to PG&E Corp. subsidiary Pacific Gas and Electric Co. under a 20-year power purchase agreement.

The commission has been asked to approve the transaction by Sept. 11. (FERC Docket EC17-153)