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FERC clears Duke's sale of passive stake in fuel cell generators

The Federal Energy Regulatory Commission on Aug. 29 approved a Duke Energy Corp. subsidiary's proposed sale of passive stake in Project Oxygen Holdings LLC.

Duke Energy Fuel Cell LLC will sell its class A non-managing membership interests to Wells Fargo Central Pacific Holdings Inc. for an amount in excess of $10 million.

Project Oxygen Holdings is the parent company of 2018 ESA Project Co. LLC, which owns and will operate approximately 39 "behind-the-meter" solid oxide fuel cell generators with a combined total installed generation capacity of approximately 36.75 MW.

At closing, Duke Energy Fuel Cell and its upstream affiliates will continue to control the day-to-day operations of Project Oxygen Holdings, which will continue to own 100% of the managing membership interests in ESA Project Co.

Wells Fargo Central Pacific Holdings is a subsidiary of Wells Fargo & Co. (FERC docket EC 19-112)