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Wells Fargo seeks FERC approval to acquire interests in 2 Calif. solar farms

Wells Fargo Central Pacific Holdings Inc. intends to acquire class A membership interests in two solar farms, owned by an indirect subsidiary of Sempra Energy, for an unspecified amount.

In a July 31 application with the Federal Energy Regulatory Commission, the Wells Fargo & Co. subsidiary will purchase 100% of the nonmanaging and passive stake in the Great Valley Solar facilities that are currently under construction in Fresno County, Calif.

The 102.5-MW Great Valley Solar 1 project will sell its output to Marin Clean Energy under a 20-year power purchase agreement while the 62.5-MW Great Valley Solar 2 facility will sell its output to Sacramento Municipal Utility District under a 20-year power contract.

An indirect subsidiary of Sempra Energy will retain the class B membership interests and will manage, direct and control the day-to-day activities in the solar projects.

The commission is requested to approve the transaction by Oct. 1. (FERC docket EC17-143)