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Proposed Texas Generation, Which Did Not Advance Under In-ERCOT Loan Program Selection, Clarifies Applicant With Eye Toward Reconsideration (Includes Minor Investment From Retail Supplier Affiliate)
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Advanced Power Services (NA) Inc., which had proposed as a sponsor the Stone Creek Peaker project for the Texas Energy Fund (TEF) In–ERCOT Loan Program, filed a letter with the Texas PUC clarifying the applicant for the project, to the extent the PUC reconsiders moving, to the due diligence round, additional applications
Advanced Power Services had proposed, as the sponsor on behalf of Stone Creek Peaker LLC, the Stone Creek Peaker project which was to be located in the Houston zone
Advanced Power Services said that Stone Creek Peaker LLC is a "wholly-owned" subsidiary of Advanced Power Services
However, Advanced Power Services said that its application for the Stone Creek Peaker project had included Mercuria Investments US, Inc. as a, "minority, passive equity investor."
As previously reported, the PUC advanced to the due diligence round a separate 226 MW project, identified by the PUC as being sponsored by "Mercuria Investments US, Inc; Reliability Design and Development, LLC".
Advanced Power Services noted that, in recommending which projects should be selected to move to due diligence, PUCT Staff had stated that, among other considerations, "Staff included no more than one application per applicant for recommended advancement to due diligence," as, "an additional measure to advance portfolio diversity[.]"
Advanced Power Services (AP) raised concern that its project may have been rejected due to this criteria
"[T]o the extent that Commission Staff’s
single project per applicant selection criteria resulted in the [AP] Project not being selected for due
diligence, AP would like to clarify that Mercuria is not the applicant for this Project," Advanced Power Services said
"AP is ready to immediately re-engage with the TEF process, should Commission Staff
consider the near-term addition of applicants to be added to the Portfolio," Advanced Power Services said
Of note, a Mercuria entity holds an Option 2 REP certificate in Texas (namely, Amber Energy Services, LLC)
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October 17, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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