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EIF Management LLC plans to spin off part of its ownership in a portfolio of landfill gas-fired power plants for a planned IPO of the business, according to documents recently filed with FERC. (EC15-42)
The power plants are owned by Sunshine Gas Producers LLC, Innovative Energy Systems LLC and Seneca Energy II LLC, which applied with FERC for approval of transactions related to the creation of the new entity, to be called Aria Energy Corp., which intends to file with the SEC for an IPO of about 50% of its indirect voting interests. Aria Energy will be a partial, indirect owner of interests in the three applicant entities.
EIF holds its interests in Sunshine Gas, Innovative Energy and Seneca Energy through EIF Renewable Energy Holdings LLC, which is majority-owned by private equity funds managed by EIF, according to the Nov. 30 filing.
Pursuant to the plans for the IPO, private...