A subsidiary of investment firm KKR & Co. is planning to sell its membership interests in six solar projects near Galt, Calif., for undisclosed terms.
Each of the RE McKenzie 1, RE McKenzie 2, RE McKenzie 3, RE McKenzie 4, RE McKenzie 5, and RE McKenzie 6 solar facilities hold a nameplate capacity of 5 MW AC and operate within the Balancing Authority Of Northern California. The facilities are interconnected with the transmission system owned and operated by the Sacramento Municipal Utility District. All of the output of the projects is sold to SMUD under long-term power contracts.
KKR Solar Holdings Blocker LLC indirectly owns 95% of the controlling interests in the McKenzie facilities and will sell them to CS HoldCo 1. The buyer may also acquire the remaining 5% of controlling interests in the solar projects from Canadian Solar Inc. subsidiary Recurrent Energy LLC.
CS HoldCo 1's upstream owner, Goldman Sachs Renewable Power LLC, may also add investors before deal close up to one year from the date the commission approves the transaction. The additional investors would own non-managing membership interests in GSRP and have limited consent or veto rights for certain major decisions.
The parties asked the Federal Energy Regulatory Commission to approve the transaction by Sept. 10. (FERC docket EC18-127)