FERC OKs $53M ownership deal for Iowa wind farm

11/25/2012 | SNL Financial (free content)

Citicorp has secured the approval of the Federal Energy Regulatory Commission on a deal to pay Gamesa Energy USA $53 million to surrender its right to purchase class A membership stakes in the Pocahontas Prairie Wind Farm in Iowa. The deal solidifies Citicorp's ownership of the passive, nonmanaging class A membership interests in Pocahontas Prairie Holdings, the company formed to own the wind farm. Gamesa will continue to possess 100% of the managing class B membership stakes, as well as retain control of the facility's day-to-day operations.

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