Pine Gate Renewables LLC has filed an application with the Federal Energy Regulatory Commission to approve an upstream ownership change in the 39-MW Peony solar farm in Orangeburg County, S.C.
Under the proposed transaction, Back Bay Solar LLC will acquire 100% of the Class B interests in an entity that owns 51% of PGR Lessor G LLC, the project company that directly owns the plant. Back Bay Solar is owned 50% by John Hancock Life Insurance Co. (U.S.A.) and 50% by John Hancock Infrastructure Master Fund 2 LP.
Tax equity investors U.S. Bancorp and Publix Super Markets Inc. will own 99% of an entity that owns 49% of PGR Lessor G LLC. The remaining 1% of the entity owned by U.S. Bancorp and Publix will be owned by Pine Gate, which will retain control of day-to-day operations at the solar project.
The plant, which entered commercial operation Dec. 10, is committed to sell its output to South Carolina Electric & Gas Co., under a long-term power purchase agreement.
The applicants have asked the commission to approve the transaction no later than January 2019, according to a Dec. 13 filing.
SCE&G is a subsidiary of SCANA Corp. (FERC docket EC19-34)