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Simon Solar seeks FERC approval for new financing arrangement

Simon Solar Farm LLC is seeking the Federal Energy Regulatory Commission approval for a new financing arrangement for a 30-MW solar farm in Social Circle, Ga.

Under the arrangement, the passive lease financing interests in the facility would be transferred from Bank of America Corp. subsidiary from BA Leasing BSC LLC to new bank trusts that will be formed by Fifth Third Equipment Finance or one of its affiliates, and by IBERIABANK or one of its affiliates.

Simon Solar Farm, an indirect subsidiary of Silicon Ranch Corp., will retain operation and control of the facility throughout the transactions. Royal Dutch Shell plc subsidiary Shell New Energies US LLC holds a 43.134% stake in Silicon Ranch, according to an Aug. 6 filing.

The entire output of the solar farm is sold under a 20-year power contract with Southern Co. subsidiary Georgia Power Co. that will expire on May 31, 2035.

FERC is requested to issue its approval by Sept. 5, but no later than Sept. 20, to allow the parties to close the transactions Sept. 30. (FERC docket EC19-117)