According to the petition, Flint Mine Solar is the current owner of the Project, which is certified under PSL Article 10. The petitioners explain that a petition was recently filed seeking a Commission declaratory ruling that the upstream transfer of ownership interests in Flint Mine Solar to DESRI does not require further Commission review under PSL § 70. The petitioners further explain that Flint Mine Solar has a separate petition pending before the Commission, in which Flint Mine Solar seeks an order (1) granting a Certificate of Public Convenience and Necessity for the Project pursuant to PSL § 68, and (2) authorizing a lightened regulatory regime for Flint Mine Solar. By their March 31, 2022 petition, the petitioners seek authorization to incur debt in connection with the construction and ongoing operational needs of the Project, with maturity dates of more than twelve months, in an aggregate amount up to $300 million.

The petitioners also seek authorization to pledge ownership interests in, and assets of, the Project as collateral security for the repayment of that debt. The petitioners anticipate that the financing will be comprised of a combination of construction loan and letter of credit facilities, tax equity bridge loan facilities, and term loan and letter of credit facilities, with additional financing to be provided in the form of equity by one or more DESRI affiliates and certain non-controlling, passive equity investors. The petitioners further request flexibility to, without prior Commission approval, restructure the debt, including the identity of the financing entities, payment terms, and the amount financed, up to the $300 million limit. The petitioners acknowledge that the Commission has not granted lightened regulation to Flint Mine Solar, but nonetheless request that a reduced level of scrutiny be applied to the instant financing request in anticipation of an order approving such lightened regulatory regime for Flint Mine Solar as a competitive wholesale electric provider. The petitioners assert that authorizing such financing is in the public interest because it will further strengthen the petitioners’ creditworthiness and strengthen their ability to provide cost-effective, safe, and reliable service.

The full text of the petition and the full record of the proceeding may be reviewed online at the Department of Public Service web page: www.dps.ny.gov. The Commission may adopt, reject, or modify, in whole or in part, the action proposed and may resolve related matters.

Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.

(22-E-0183SP1)