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FTP Power sells passive stake in Calif. solar plant to JPM Capital

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FTP Power sells passive stake in Calif. solar plant to JPM Capital

FTP Power LLC subsidiary sPower Development Co. LLC on Nov. 20 completed the sale of an ownership stake in the 20-MW Bayshore Solar A facility to JPM Capital Corp.

As a result of the transaction, JPMorgan Chase & Co. subsidiary JPM Capital indirectly owns 100% of the class A noncontrolling membership in the solar facility, while FTP Power retains control of the class B interests and day-to-day control, according to an Aug. 3 Federal Energy Regulatory Commission filing. The companies notified FERC of the transaction closing Nov. 27.

FTP is jointly owned by AES Corp. and Alberta Investment Management Corp. JPM Capital recently also acquired 100% of the class A membership stake in the Bayshore Solar C plant.

Bayshore A, located in Los Angeles County, Calif., has a 20-year power purchase agreement with PG&E Corp. utility Pacific Gas and Electric Co.

FTP Power applied for FERC approval Aug. 3. The commission cleared the transaction Sept. 12. (FERC docket EC17-149)