FERC OKs sale of Alcoa hydro assets in North Carolina to I Squared

Swan Lake Dam spillway

FERC approved a July application from Alcoa Power Generating Inc., plus Cube Yadkin Generation and Cube Yadkin Transmission, related to the sale of Alcoa hydropower assets in North Carolina.

The approval covers: the sale and transfer by Alcoa Power of 100 percent of its ownership interests in the Yadkin Hydroelectric Project and related jurisdictional assets to Genco; and the sale and transfer by Alcoa Power of 100 percent of its ownership interests in certain transmission facilities and related jurisdictional assets to Transco.

Alcoa Power is a unit of Alcoa Inc., and owns and operates transmission facilities throughout the United States.

In 1999, Alcoa Inc.’s separate power supply subsidiaries were reorganized to create a single jurisdictional entity, Alcoa Power, with transmission and generation facilities in five business divisions in separate locations. The Yadkin Division owns and operates the Yadkin Project.

The Yadkin Project consists of four hydroelectric stations with a total capacity of about 221 MW, located near Badin, North Carolina. The Yadkin Division is its own balancing authority area, which is interconnected with the Duke Energy Carolinas and Duke Energy Progress – east balancing authority area.

Genco was formed for the purpose of acquiring and owning the Yadkin Project. Genco will sell all of the output from the Yadkin Project at wholesale pursuant to its market-based rate authorization. Transco was formed for the purpose of acquiring and owning the Yadkin Transmission Facilities.

These buyers are units of Cube Hydro Carolinas, which in turn is a unit of Helix Partners. Helix HoldCo directly owns 98.5 percent of the membership interests in Helix Partners.

Helix HoldCo is directly owned by ISQ Hydro Aggregator (62.5 percent) and ISQ Helix Aggregator (28.1 percent). Both ISQ Hydro Aggregator and ISQ Helix Aggregator are indirectly controlled by I Squared Capital, a private equity investment manager.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>