China Investment Corporation To Invest In Parent Of Retail Suppliers
October 19, 2018 Email This Story Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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ECP ControlCo, LLC applied at the Public Utility Commission of Texas for approval for China Investment Corporation ("Investor" or "CIC"), through its indirect subsidiaries, to acquire a passive limited partnership interest of 5 percent or greater in an ECP entity that indirectly owns 100 percent of Calpine Corporation ("Calpine") (hereafter, the "Transaction").
Investor currently has an indirect, passive interest of 5 percent or greater in another power generation company ("PGC") in Texas. Specifically, The Investor has an approximately 6 percent interest, indirectly through one or more subsidiaries or affiliates, in EIF Channelview Cogeneration, LLC ("Channelview"), which is a registered PGC in Texas that owns approximately 810 MW of generation capacity in ERCOT.
The post-Transaction market share of ECP, the Investor, and the other Calpine passive limited partner investors identified in Docket No. 47607 will be approximately 13 percent and will thus not exceed the 20 percent cap on installed capacity in PURA § 39.154, the applicants said
Similar to the Calpine passive limited partner investors identified in Docket No. 47607, once the Transaction is consummated, CIC will have limited consent and veto rights necessary to protect its economic investments but no rights to participate in the day-to-day operations of Calpine.