The Federal Energy Regulatory Commission on March 14 signed off on the Canada Pension Plan Investment Board's plan to convert its convertible promissory notes into Bloom Energy Corp.'s common stock.

The transaction will result in CPPIB owning a more than 10% equity interest in Bloom Energy, according to the initial application, "could result" in control over the Bloom MBR entities.

The Bloom MBR entities include Diamond State Generation Partners, which owns 30 MW of capacity from two facilities in the PJM Interconnection market. (FERC docket EC19-51)