FERC Approves Toyota Purchase of Stake in N.J. Generation Asset

FERC approved CPV Shore, LLC's application for approval of various equity investments in the company's parent, including an investment by Toyota Tsusho Shore, LLC.

The transactions had been first reported by Matters (see prior story for full details).

In brief, Toyota Tsusho Shore, LLC will acquire up to 32% of the indirect interests in CPV Shore. Toyota Tsusho Shore, LLC is an indirect, wholly-owned subsidiary of Toyota Tsusho Corporation, a member of the Toyota Group which is engaged in diverse businesses, including supporting Toyota Motor's automobile business.

CPV Shore is an indirect subsidiary of Competitive Power Ventures Holdings, LLC that is developing and will construct, own and operate a 725 MW combined-cycle electric generating facility in New Jersey.

FERC also approved a transaction under which ArcLight Energy Partners Fund V, L.P. will indirectly hold 50% of the interests in CPV Shore, and CPV Shore will become an indirect partially-owned subsidiary of CPV and of Fund V, with CPV retaining day-to-day rights to manage CPV Shore.

Fund V is a private equity investment fund with a focus on the independent power sector. Fund V is managed by ArcLight Capital Partners, LLC