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BAL Investment, equity investor seek interests in 1,381-MW wind portfolio

European Energy Insights February 2021

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BAL Investment, equity investor seek interests in 1,381-MW wind portfolio

Bank of America Corp. subsidiary BAL Investment & Advisory Inc. and another anticipated equity investor are seeking FERC approval to acquire noncontrolling interests in a wind generation portfolio with about 1,380 MW of capacity from an indirect unit of Royal Bank of Scotland Group Plc.

Under the two-step proposed deal, Wind Holdings 2013 LLC will acquire Bank of America NA's series A interests and PureHoldings II LLC's series C interests. NewLLC, a special purpose investment vehicle by the investors, will then acquire Lease Plan North America LLC's series B interests in Wind Holdings. After the transactions, the investors will own 100% of passive interests in Wind Holdings.

The wind facilities involved in the proposed transaction are the following:

* The 151.2-MW Blue Canyon Windpower II in Caddo and Kiowa Counties, Okla., which sells its output to Southern Co. subsidiary Georgia Power Co. under a 20-year contract.

* The 301-MW Cedar Creek Wind Project in Weld County, Colo., which supplies power to Xcel Energy Inc. subsidiary Public Service Co. of Colorado under a 20-year contract.

* The 150-MW Elk River Wind facility in Butler County, Kan., which sells power to Algonquin Power & Utilities Corp. utility Empire District Electric Co. under a 20-year contract.

* The 231-MW Flat Rock and the 90.75-MW Flat Rock II wind facilities, known as Maple Ridge in Lewis County, N.Y., which sells wholesale power.

* The 206.5-MW High Trail Wind Farm in McLean County, Ill., which is contracted to supply power to FirstEnergy Corp. subsidiary FirstEnergy Solutions Corp. and J. Aron & Co. under long-term power contracts.

* The 150-MW Shiloh I Wind Project in Solano County, Calif., which sells power to PG&E Corp. utility Pacific Gas and Electric Co., Palo Alto, Calif. and the San Francisco Public Utilities Commission.

* The 101-MW Trimont Area Wind Farm in Martin and Jackson Counties, Minn., which has contracted its output to Great River Energy under a 15-year contract.

FERC was asked to issue an order approving the deal by Feb. 22. (FERC docket EC17-66)