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First Reserve, BAL Investment seeking interests in Colo. solar facility

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Essential Energy Insights - September 17, 2020

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First Reserve, BAL Investment seeking interests in Colo. solar facility

A FirstReserve Management L.P. subsidiary and BAL Investment &Advisory or one of its subsidiaries plan to acquire controlling and passiveinterests, respectively, in the planned 120-MW Comanche Solar Project.

The Comanche solar facility is currently being constructedin Pueblo County, Colo. Upon completion, the facility will sell its output toXcel Energy Inc.subsidiary Public Service Co. ofColorado under a 25-year contract.

First Reserve Energy will own 100% of the class Bcontrolling interests in Comanche HoldCo or NewCo, by acquiring 's class A stakein facility's upstream owner FR Warehouse. First Reserve Energy already ownsthe class B interests in FR Warehouse.

The related transaction, meanwhile, involves BAL Investment& Advisory Inc. or its subsidiary acquiring 100% of the class A indirect,passive tax equity interests in Comanche Holdco, or NewCo.

The parties are asking FERC to approve the transactions nolater than June 13. The SunEdison transaction will be completed following anyrequired approvals, before, concurrently with or after the BAL Investment &Advisory deal's consummation, which is intended before the plant's commercialoperation, according to an application filed with FERC on April 28. (EC16-111)