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FERC allows PNC, Firstar to acquire passive stake in Calif. solar project

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FERC allows PNC, Firstar to acquire passive stake in Calif. solar project

FERC on July 6 issued an order allowing PNC Commercial LLCand Firstar Development LLCto each acquire 50% of the passive, noncontrolling class A member interests inthe 50-MW Beacon Solar 4project in Kern County, Calif.

At the close of the deal, PNC Financial Services Group Inc. subsidiary PNCCommercial, and U.S. Bancorpsubsidiary Firstar Development will serve as tax equity investors for theproject.

Beacon 4 is expected to go online in September. The solarfacility is owned by Fir TreeInc. subsidiary SustainablePower Group LLC, which does business as sPower. (EC16-131)