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FERC approves Wells Fargo to purchase stakes in Calif. solar projects

The Federal Energy Regulatory Commission cleared Wells Fargo Central Pacific Holdings, Inc. on Oct. 4 to purchase 100% nonmanaging and passive stakes in two solar projects located in California from an indirect subsidiary of Sempra Energy.

The Wells Fargo & Co. subsidiary will purchase the passive interests in Great Valley Solar 1 and Great Valley Solar 2, located in Fresno County, Calif., according to the FERC filing.

Great Valley Solar 1 will sell its output to Marin Clean Energy and Great Valley Solar 2 will sell its output to Sacramento Municipal Utility District, both under 20-year power contracts.

The Sempra subsidiary will retain control over day-to-day activities at the solar projects. (FERC docket EC17-143)