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FERC clears FitzPatrick nuke sale; FirstEnergy unit in talks to sell assets

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


FERC clears FitzPatrick nuke sale; FirstEnergy unit in talks to sell assets

Energy Future, NextEra set new deadline for court approval of Oncor deal

Energy Future Holdings Corp. amended its agreement with supporters of its bankruptcy reorganization plan, including NextEra Energy Inc., to allow more time for court approval. Under the plan, NextEra will acquire EFH and its 80% ownership interest in regulated transmission and distribution utility Oncor Electric Delivery Co. LLC in a transaction valued at $18.7 billion.

Generator asset sales key to investor sentiment, absent power price recovery

For independent power producers, prolonged weakness in stock prices and power prices has put management on the spot to lower leverage using available means, including asset sales, barring any recovery in power prices led by positive volatility in the coming months.

Despite subsidy controversy, FERC approves sale of FitzPatrick nuke to Exelon

Finding that concerns over zero emissions credits the state of New York is offering to the James A. FitzPatrick nuclear power plant are irrelevant to the matter at hand, FERC on Dec. 7 approved Entergy Corp.'s plan to sell the 837-MW facility to Exelon Corp. for $110 million.

Ares EIF selling 322-MW Calif. gas-fired facility

An Ares EIF Group-managed fund agreed to sell the recently commissioned Pio Pico Energy Center in Otay Mesa, Calif., to institutional investors advised by J.P. Morgan Asset Management, according to a Dec. 13 news release. Financial and others details of the transaction were not disclosed.

FirstEnergy potential asset sale, credit restructuring seen as right steps

FirstEnergy Corp. is making "prudent" steps as part of its plan to exit merchant generation in the eyes of Wall Street. FirstEnergy, in a Form 8-K filed Dec. 6, revealed that competitive subsidiary Allegheny Energy Supply Co. "entered into a non-binding letter of intent, with an exclusivity provision" that expires Dec. 31.

Vero Beach, Fla., to sell portion of utility to FPL

The City Council of Vero Beach, Fla., voted Dec. 6 to begin a process to sell a portion of its municipal electric utility to Florida Power & Light Co., according to local reports. FPL has offered $30 million to purchase the electric distribution assets of the Vero Beach utility within the town of Indian River Shores, comprising about 3,500 customers.

8point3 Energy closes deal for stake in 300-MW Calif. solar plant

8point3 Energy Partners LP, through its 8point3 Operating Co. LLC subsidiary, completed its acquisition of a noncontrolling interest in the 300-MW Desert Stateline Solar Facility in San Bernardino County, Calif., from First Solar Inc. FERC approved the deal Nov. 16, and it closed Dec. 1.

Weyerhaeuser closes sale of 5 power plants to International Paper

Weyerhaeuser NR Co. closed the sale of five mills with on-site generation facilities, totaling about 243 MW, to International Paper Co., according to a Dec. 9 FERC filing. The parties consummated the transaction Dec. 1.

Boralex bolsters net installed capacity with C$238.5M Ontario wind farm deal

Boralex Inc. struck a deal to acquire all of ENERCON Canada Inc.'s 25% economic stake in the 230-MW Niagara Region wind facility in Ontario for C$238.5 million in cash. The acquisition will increase the company's net installed capacity 21%, to 1,338 MW.

Innergex expanding footprint in France with C$21M wind deal

Innergex Renewable Energy Inc. and Régime de rentes du Mouvement Desjardins are acquiring two wind projects, totaling 24 MW, in France for about €15.05 million, or C$20.96 million, subject to certain adjustments. The transaction is expected to close by the end of this year after the projects achieve commercial operations.

Just Energy to acquire German retail energy provider

Just Energy Group Inc. plans to acquire natural gas and power provider db SWDirekt GmbH for approximately €3.4 million in a move to enter the German retail energy market.

Australian developer acquires majority interest in Calif. solar portfolio

New South Wales, Australia-headquartered New Energy Solar has acquired a substantial majority interest in a 134.8-MW portfolio of two solar facilities in Kern County, Calif. for an undisclosed sum. SunPower Corp., which developed the 67.4-MW Stanford Solar generating station and the 67.4-MW TID Solar plant, will retain an ownership interest in the projects.

Cypress Creek secures approval to acquire NC solar project

FERC on Dec. 13 issued an order approving Cypress Creek Holdings LLC's acquisition of FLS Energy Inc. and its planned 38.9-MW Innovative Solar 43 Project in Bladen County, N.C. The plant is expected to achieve commercial operation before Jan. 1, 2017.

Duke Energy acquires first Colo. solar project

Duke Energy Renewables Inc. acquired its first solar project in Colorado from developer Juwi Inc. for an undisclosed sum. The 13-MW Victory solar power project started operating this week in Adams County, the Duke Energy Corp. subsidiary said in a Dec. 8 statement.

AEP to purchase SunPower's 50-MW Nev. solar plant

A subsidiary of American Electric Power Co. Inc. is requesting FERC approval to acquire the proposed 50-MW Boulder Solar II project in Clark County, Nev., from SunPower Corp. The facility is expected to start generating test power this December and is targeted to reach operation in January 2017.

Allianz unit secures approval for equity stake in 184-MW Illinois wind facility

Allianz Renewable Energy Partners of America LLC secured FERC approval to make a tax equity investment in EDF Renewable Energy's 184-MW Kelly Creek wind farm in Ford and Kankakee counties, Illinois. Under the deal, the Allianz SE subsidiary will acquire 100% of the class A nonmanaging membership interests in the facility.

FERC clears NextEra tax equity deal for Okla. wind farm

FERC on Dec. 8 cleared affiliates of General Electric Co. and JPMorgan Chase & Co. to make a tax equity investment in the nearly 250-MW Rush Springs wind project in Stephens County, Okla. JPM Capital Corp. and EFS Renewables Holdings LLC will purchase all of the passive interest in the wind farm from NextEra Energy Resources LLC.

Exelon wind project in Oklahoma attracts investors

BAL Investment & Advisory Inc. and Antrim Corp. or their affiliates on Dec. 9 won FERC approval to acquire indirect, noncontrolling, passive equity interests in Exelon Wind LLC's 198-MW Bluestem Wind Project in Beaver County, Okla. The facility is expected to begin commercial operation before the end of 2016.

Goldman Sachs affiliate wins approval to acquire stake in ND wind facility

FERC authorized Dec. 8 a Goldman Sachs Group Inc. affiliate to acquire noncontrolling, passive class B equity interests in Enel Kansas LLC's planned 150-MW Lindahl Wind Project in North Dakota. The project is under construction in Williams County.

FERC approves ArcLight deal for interests in 2 wind farms

FERC on Dec. 9 authorized ArcLight Capital Partners LLC's purchase of the nonmanaging interests in the 50-MW Kumeyaay Wind and the 50-MW Mendota Hills wind facilities. The deal, which is expected to close this December, will make ArcLight the sole owner of the two wind facilities.

NextEra wins FERC nod to sell stake in 2 wind farms

NextEra Energy Resources LLC on Dec. 8 gained FERC approval to sell tax equity stakes in two planned wind projects to JPM Capital Corp. and Wells Fargo Wind Holdings LLC or their affiliates. The NextEra Energy Inc. subsidiary will retain day-to-day control over the 200.9-MW Osborn Wind facility in DeKalb County, Mo., and the 99.3-MW Oliver Wind III project in Oliver County, N.D.

FuelCell Energy buys 1.4-MW facility for more predictable electricity sales

FuelCell Energy Inc. acquired a 1.4-MW fuel cell power plant at Central Connecticut State University, according to a Dec. 13 news release. The acquisition increases the company's project portfolio to 11.2 MW and will result in predictable and recurring monthly electricity sales.