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FERC approves First Solar's sale of stake in 2 Nev. solar facilities

First Solar Inc. subsidiary Playa Solar LLC on June 8 won FERC's approval to transfer all of its Class B managing membership stakes in two solar facilities to EDF Renewable Energy Inc.

Playa Solar owns the 79-MW Playa Solar 1 and the 100-MW Playa Solar 2, both of which are under development and located in Clark County, Nev. Under the deal, EDF Group subsidiary EDF Renewables will have authority to manage and control the facilities.

JPMorgan Chase & Co. indirect subsidiary JPM Capital Corp. will acquire 100% of the Class A passive, nonmanaging membership interest in Playa Solar before the transaction between First Solar and EDF closes.

Playa Solar II will sell all of its power to Nevada Power Co. under a 20-year power contract, while Playa Solar I will sell 35% of its generation to Nevada Power and 65% to Sierra Pacific Power Co., both of which are Berkshire Hathaway Energy utilities. (FERC docket EC17-112)