NextEra Energy Inc. is seeking approval from the Federal Energy Regulatory Commission to transfer ownership of the planned 120-MW Dougherty County Solar Facility in Georgia to a local government agency.
The Albany-Dougherty Payroll Development Authority agreed to issue taxable industrial development revenue bonds, series 2019, for the purposes of acquiring, building and installing the project, according to the application filed Oct. 4. NextEra will purchase the bonds under a bond purchase loan agreement.
Under a lease agreement and a separate option agreement, the solar project will be leased back to NextEra, which will also have the option to re-acquire ownership of the project.
NextEra will make yearly payments in lieu of taxes for the term of the lease agreement, representing a percentage of the ad valorem taxes it would have otherwise paid on the project.
The commission was asked to approve the transaction by Dec. 3 as the deal is expected to close the same month. The solar plant's output will be sold to Southern Co. subsidiary Georgia Power Co. under a 30-year agreement. (FERC docket EC20-7)
