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Firstar asks FERC to acquire equity in 2 Calif. solar projects

Firstar Development LLC filed with the Federal Energy Regulatory Commission for approval to acquire a tax equity stake in two solar projects in Kern County, Calif., for an undisclosed amount.

According to the Aug. 1 FERC filing, Firstar Development will acquire indirect, passive interests in the 48-MW Beacon Solar Plant Site 2 and 36-MW Beacon Solar Plant Site 5 in two installments. However, ownership and the ability to operating the projects will still remain with Capital Dynamics Holding AG subsidiary Capital Dynamics Inc.

Both solar projects are slated to go online by Sept. 29 and will sell their output to the Los Angeles Department of Water and Power under long-term power purchase agreements.

Firstar Development is an investment arm of U.S. Bancorp that owns tax equity in different U.S. renewable projects.

The commission has been asked to approve the transaction by Sept. 6. (FERC docket EC17-147)