Walleye Energy, LLC (Buyer) and FirstEnergy Generation, LLC (Seller, and a unit of FirstEnergy Solutions) sought FERC approval for the sale of an existing 136 MW (summer rating) steam generating unit and a 16 MW (summer rating) oil-fired generating unit at the Bay Shore facility and related assets from FirstEnergy to Walleye

The Bay Shore facilities being sold consist of the 136 MW (summer rating) steam generating unit, Bay Shore Unit 1, and a 16 MW (summer rating) oil-fired unit, Bay Shore Unit GTI. The facility is located in Lucas County, Ohio

Buyer is a direct wholly-owned subsidiary of Walleye Energy Holdings, LLC, which is a direct wholly-owned subsidiary of Orca Acquisitions, LLC (Orca Acquisitions). ArcLight Orca Holdings, LLC (ArcLight Orca Holdings), a wholly-owned direct subsidiary of ArcLight Energy Partners Fund VI, L.P. (ArcLight Fund VI), directly owns 95% of the Class A managing membership interests (Class A Interests) in Orca Acquisitions and has the right to appoint two members (Holdings Managers) to the management committee of Orca Acquisitions (Management Committee). Orca Funding, LLC (Orca Funding), a wholly-owned indirect subsidiary of Olympus Power, LLC (Olympus), directly owns the remaining 5% of the Class A Interests in Orca Acquisitions and has the right to appoint two members (Olympus Managers) to the Management Committee. However, the Olympus Managers do not have any rights to direct the actions and decisions of Orca Acquisitions, except for limited consent rights with respect to certain major decisions that could affect Olympus’ return on its investment. All other actions and decisions affecting the business and affairs of Orca Acquisitions, including day-to-day management of Seller, require only the approval of one or more Holdings Managers. As a result, Orca Funding has no ability to control Seller through its 5% Class A Interest and therefore such interest does not establish an affiliation between Orca Funding and Seller under the Commission’s regulations

All of the Class B non-managing membership interests (Class B Interests) in Orca Acquisitions are directly owned by Beluga Partners, LLC (Beluga Partners), a wholly-owned direct subsidiary of Olympus. The holder of the Class B Interests has no voting rights and no right to appoint any members of the Management Committee. Consistent with Commission precedent, Beluga Partners is a purely passive investor in Orca Acquisitions. Accordingly, Beluga Partners is not an affiliate of Seller under the Commission’s regulations.

Tags:
M&A   FirstEnergy   FirstEnergy Solutions   ArcLight  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
TPV-SALES-EXECUTIVE -- Back Office Provider -- Other
Sr-Market-Risk-Analyst -- Wholesale Supplier/Trader -- New York - New York City Metro
Head-of-Retail-Operations -- Wholesale Supplier/Trader -- Other
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
FT: Mitsubishi-Backed Retail Supplier 'Prepares Bid' For International Retail Supplier With U.S. Arm
Shell Acquiring 250,000 Customers From U.K. Supplier;' Octopus Acquiring 580,000 Customers
UK Retail Supplier With US Affiliate In Talks To Secure 'New Funding'; Wholesale Prices Challenge
Proceeds From FES Polar Vortex Class Action Settlement Now Being Distributed '
NRG To Trim Costs, Reviews Retail Pricing Structure After Direct Energy Acquisition '