Tesla closes $2.61B merger with SolarCity
Days after securing shareholders' approval, Tesla Motors Inc. on Nov. 21 completed its $2.61 billion acquisition of SolarCity Corp. With the completion of the merger, SolarCity entered into a supplemental indenture amending its 2.75% convertible senior notes due 2018. The indenture provides SolarCity shareholders the right to convert each $1,000 principal amount of notes into 1.7838 shares of Tesla common stock.
FERC clears Calpine deal for Noble Americas Energy
Calpine Corp. has won FERC approval to acquire Noble Americas Energy Solutions LLC from Noble Americas Gas & Power Corp. for $800 million, plus $100 million in assumed net working capital, according to a Nov. 18 FERC order. The transaction is expected to close by the end of this year. At closing, Noble Americas Energy will continue to operate under the leadership of current President Jim Wood.
First Reserve completes sale of thermal portfolio to investor group
First Reserve Management LP has completed the sale of its thermal power generation portfolio to WGP Acquisition LLC, according to a Nov. 17 notice to FERC. WGP now owns a combined capacity of 650.9 MW in the California ISO and 943.4 MW in Southwest Power Pool Inc. The transaction received FERC approval on Oct. 31 and was completed on Nov. 15.
Dynegy closes sale of stake in Illinois peaker
Dynegy Inc. has concluded the sale of its 50% equity interest in the 1,580-MW Elwood Energy natural gas-fueled peaking facility in Elwood, Ill., to J-Power USA Development Co. Ltd., according to a Nov. 21 company release. Dynegy will use the proceeds from the sale to partially fulfill its buyout obligation to Energy Capital Partners LLC.
NYPSC approves nuke sale to Exelon amid pushback, looming refueling crunch
The New York Public Service Commission, finding no market power issues, approved Entergy Corp.'s sale of the upstate, 853-MW FitzPatrick nuclear plant to Exelon Corp. amid mounting pushback from power generators and environmental groups against the state's plan to subsidize upstate nuclear facilities.
Tesla, SolarCity shareholders approve merger
Shareholders in Tesla Motors Inc. and SolarCity Corp. gave Elon Musk the go-ahead to pursue his vision for an integrated clean energy company that will market electric vehicles, solar panels and energy storage systems under one corporate roof. More than 85% of Tesla shareholders approved the deal. SolarCity in a blog post said its shareholders also approved the acquisition.
Amazon, Dominion partner to add another 180 MW of solar capacity in Virginia
Amazon Web Services Inc. will partner with a Dominion Resources Inc. affiliate to bring online five more solar projects in Virginia, totaling 180 MW of capacity. In addition, Dominion said it also is acquiring the 100-MW development in Southampton County from Community Energy Solar. Dominion said it will own and operate all five facilities as part of the Amazon Solar Farm U.S. East portfolio.
Olympus Power closes purchase of Entergy, Shell stakes in 2 wind farms
Entergy Services Inc. and Shell WindEnergy Inc. have completed the sale of their respective 50% interests in two wind facilities, totaling approximately 160 MW, to Olympus Power LLC affiliate Blue Marlin Energy Holdings, LLC. The parties applied for FERC approval Sept. 15, and FERC cleared the deal on Nov. 8. The deal was completed Nov. 14.
Otter Tail to acquire 150-MW wind project in North Dakota
Otter Tail Power Co. has agreed to acquire a planned 150-MW wind farm in southeastern North Dakota from developer EDF Renewable Energy Inc. The project, which is expected to cost more than $250 million, will be the Otter Tail Corp. subsidiary's largest capital project upon completion.
Algonquin Power to buy remaining stake in 149-MW Mich. wind project
Algonquin Power & Utilities Corp. is moving to become 100% owner of class B membership interests in the planned 149-MW Deerfield wind facility in Michigan. In another transaction, BAL Investment & Advisory Inc. and Citizens Asset Finance Inc. are proposing to become tax equity investors by acquiring 100% of the class A passive interests in the facility.
Va. regulators approve sale of 115-MW cogeneration plant
City Point Energy Center LLC received approval Nov. 16 from Virginia regulators to acquire the 115-MW James River Genco electric and steam cogeneration plant and associated interconnection equipment in Hopewell, Va. City Point and James River submitted an application to FERC in September as part of the transaction.
FERC clears Scatec's sale of 104-MW DC Utah solar facility
Macquarie Infrastructure Corp. won FERC approval to acquire the 104-MW DC Red Hills Park solar facility in Utah from Scatec Solar AS. Under the deal, Scatec will sell 100% of the sponsor equity in the Iron County-based facility to Macquarie subsidiary MIC Renewable Energy Holdings for $28 million.
FERC clears Berkshire deal for tax equity in W.Va. wind plant
FERC on Nov. 18 approved a Berkshire Hathaway Energy affiliate's deal to make a tax equity investment in the planned 102.5-MW New Creek wind facility. The planned facility in Grant County, W.Va., owned by Enbridge Inc., is expected to go online by late December.
Southern Power acquires majority stake in Nev. solar facility
Southern Power Co. has acquired a majority stake in the 100-MW Boulder Solar I facility in Nevada from SunPower Corp., which will retain the noncontrolling class B interests. SunPower began construction on the facility in January and will commence commercial operation in December.
Brookfield presses acquisition of TerraForm yieldcos
Concerned that TerraForm Power Inc and TerraForm Global, Inc. are again asking bondholders to waive financial reporting requirements, Brookfield Asset Management Inc. said it would commit "significant internal and external resources" to try to arrange a buyout in time to eliminate the need for the waivers.
Axium acquires 84-MW portfolio of 8 solar facilities
Axium Infrastructure Inc. has completed its acquisition of an 84-MW portfolio of solar facilities in the U.S. and Canada from Renewable Energy Trust Capital for an undisclosed sum. The portfolio consists of eight solar photovoltaic facilities, which reached commercial operations between 2012 and 2015.
FERC clears JPM Capital's tax equity deal for Calif. solar facility
FERC has approved JPM Capital Corp.'s planned acquisition of 100% passive stake in the 20-MW North Lancaster Ranch solar plant in a tax equity deal. Day-to-day operations in North Lancaster Ranch will be managed by sPower, legally known as Sustainable Power Group LLC.
Calpine to acquire fast-growing retail provider North American Power and Gas
Calpine Corp. is seeking FERC approval to acquire two licensed electricity and natural gas retailers from certain private individuals and entities. Under the deal, Calpine Energy Services Holdco LLC will acquire North American Power Business LLC and North American Power and Gas LLC for an undisclosed sum.
PSEG Solar Source expands portfolio in NC BayWa deal
PSEG Solar Source LLC has acquired the 6.6-MW Hemlock solar facility in Northampton County, N.C., from BayWa AG unit BayWa r.e. US. Situated on 48 acres of land, the facility is expected to commence operations by late 2016 and will sell its output to Dominion Resources Inc. subsidiary Virginia Electric and Power Co. d/b/a Dominion Virginia Power under a 15-year contract.
ALLETE subsidiary acquires southern Calif. water treatment company
ALLETE Inc. subsidiary U.S. Water Services Inc. has acquired Southern California-based Water & Energy Systems Technology Inc. WEST provides specialty chemicals and engineering services for water treatment in commercial and institutional facilities, light industry, oil extraction and refining, and central heating/cooling plants.
FERC clears Noble Environmental Power's restructuring
Paragon Noble LLC is one step closer to becoming the sole owner of Noble Environmental Power LLC after winning FERC approval for a proposed deal on Nov. 14. The proposed restructuring of existing ownership interests in Noble Environmental Power is part of its planned pre-arranged Chapter 11 bankruptcy filing in the current quarter.
Premier Holding to acquire power marketer American Illuminating
WWCD LLC is seeking FERC approval to sell all of its equity interest in power marketer American Illuminating Co. to Premier Holding Corp. for $125,000. Premier Holding is the owner of energy solutions provider Energy Efficiency Experts based in Chicago. The company also holds an 80% stake in The Power Company USA LLC.