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Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

LCG, August 6, 2020—J-Power USA Development Co, a subsidiary of the Electric Power Development Co. headquartered in Tokyo, has joined a joint venture to develop a 400 MW Texas solar project.

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Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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Industry News

FPL Offers $222.5 Million To Settle Sugar Power Suit

LCG, July 24, 2000--Florida Power & Light Co. said on Friday it was willing to pay $222.5 million to settle a lawsuit that it initiated in January 1997 in an attempt to get out of a pair of power purchase agreements.

The company said it would seek to recover the cost of the settlement from its customers, but it was a good deal because the power purchase agreements would have cost them $350 million over their 30-year lives.

On Jan. 8 1997, FPL filed suit asking to be freed from its obligations under agreements signed in 1991 to purchase power from Okeelanta Power, owner of a 70 megawatt cogeneration plant, Gator Generating, owner of a 55 megawatt cogenerator. Both power plants were fueled by bagasse, the waste produced by refining sugar cane.

The power plants were partnerships between the Fanjul family of Palm Beach and U.S. Generating, a joint venture between PG&E Corp. and Bechtel Enterprises. In trying to weasel out of the power purchase contracts, FPL claimed the plants had been late coming on line.

That lawsuit set off a chain of events. The U.S. Generating-Fanjul companies sought protection under Chapter 11 of the bankruptcy laws. They also defaulted on payments of $288.5 million in tax-exempt bonds that were issued to pay for the plants.

The bonds are mostly held by institutions such as the Dreyfus Funds, Franklin Funds and Goldman Sachs & Co. They are now willing to take 77 cents on the dollar rather than pursue additional lengthy litigation.

"This amount of money is more than adequate when compared with going ahead and trying the case," said William Smith, an attorney for most of the bondholders. "This will allow us to bring an end to a three-year debacle."

The Fanjul family must also approve the settlement. A spokesman said they had not yet reviewed FPL's proposal.

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