The Federal Energy Regulatory Commission has authorized EDP Renewables North America LLC to sell a tax equity stake in the planned 126-MW Timber Road IV Wind Farm project to JPM Capital Corp.
Under the transaction, the EDP - Energias de Portugal SA subsidiary will contribute all of its membership interests in the wind farm to a newly created entity called 2019 Vento XXI LLC. The stake will then be split into a class A controlling membership stake and a class B nonmanaging membership interest. Vento XXI will be a subsidiary of EDP.
JPM will acquire the class B stake in the project and will have limited veto and consent rights that cover "only certain major decisions that could affect the return on its investment," according to the initial July 2 application with FERC.
EDP Renewables North America plans to complete the first 50.4-MW stage of the project, located in Paulding County, Ohio, by the end of October and the remaining 75.6 MW in November. Construction of the project was approved by the Ohio Siting Board in February.
The output of Paulding Wind is secured under a long-term power purchase agreement with Microsoft Corp. and is located in the PJM Interconnection balancing area. (FERC docket EC19-109)
