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Parent Of Retail Supplier Seeks FERC Approval For Planned Equity Raises And Transfers Among Upstream Owners

April 17, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Star Energy Partners, LLC (Star Energy or the Applicant) submitted an application at FERC requesting authorization for a series of completed and planned equity raises and transfers by and among Star Energy's upstream owners (collectively, the Transactions).

Star Energy is a Delaware limited liability company with its principal place of business in Akron, Ohio, that sells electricity and/or natural gas to residential and commercial customers in six states in PJM. In the future, Star Energy may seek authorization to sell electricity and natural gas to retail and/or commercial customers in other states, the company said in its application at FERC

Griddy Holdings LLC (Griddy Holdings), a wholly-owned subsidiary of Griddy LLC (Griddy Parent), owns 93.4% of the voting equity interests in Star Energy. Voting equity interests in Griddy Parent are owned 63.8% by Solon Green Energy Solutions, LLC (SGES), 5.8% by Nicholas Bain, 2.9% by Gregory Craig, and 27.5% by Grid Investments Inc. (Grid Investments). These voting equity interests consist of Class A and Class B units. No other person or entity owns, directly or indirectly, 10% or more of the voting equity interests in Griddy Parent

Griddy Parent owns no assets other than its 100% ownership interest in Griddy Holdings. In addition to its ownership of membership interests in Star Energy, Griddy Holdings owns 100% of the membership interests in Griddy Energy LLC, a Delaware limited liability company (Griddy Energy) that was formed to operate as a retail electricity provider in Texas.

In addition to his direct and indirect ownership interests in Griddy Parent, Gregory Craig owns 50% of the membership interests in Inupiat Energy Partners, LLC (Inupiat), which owns 25.5% of the membership interests in Anahau Energy, LLC (Anahau), a Delaware limited liability company with its principal place of business in El Segundo, California. FERC has granted Anahau authority to sell energy, capacity and ancillary services at market-based rates

SGES is a wholly-owned subsidiary of SFSP Holdings, LLC, a Delaware limited liability company. SGES is a single member subsidiary of SFSP Holdings that was formed and established for the sole purpose of investing in Star Energy. None of the other SFSP Holdings subsidiaries or affiliates are in the energy business. Star Energy filed under seal the three individuals which own ten percent or more of the membership interests in SFSP Holdings

Grid Investments is a Delaware corporation that was formed for the sole purpose of investing in Griddy Parent. Additional information concerning the ownership of Grid Investments was filed under seal

As stated above, Griddy Holdings owns 93.4% of Star Energy's voting securities. Griddy Holdings is a wholly-owned subsidiary of Griddy Parent. Griddy Parent’s voting securities are owned 63.8% by SGES, 5.8% by Gregory Craig, 2.9% by Nicholas Bain, and 27.5% by Grid Investments.

Star Energy said in its application that it is preparing for a planned redemption of all of the upstream interests currently owned by SGES, and an issuance of additional voting interests to Grid Investments ("Solon Buyout"). Upon closing of the Solon Buyout, Star Energy will continue to be owned 93.4% by Griddy Holdings, which will remain a wholly-owned subsidiary of Griddy Parent. Voting securities in Griddy Parent will be owned 90.9% by Grid Investments, 6.1% by Gregory Craig, and 3% by Nicholas Bain.

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