Case 07-E-0888, Iberdrola Energias Renovables SAU, Declaratory Ruling on Review of an Intra-Corporate and Stock Issuance Transaction (Section 70) (issued September 20, 2007)

The firm represented the Petitioner seeking a declaratory ruling for an intra-corporate and stock issuance transaction. The transaction involved the Petitioner’s obtaining an indirect ownership interest (50%) in two wind farm project companies through an intra-corporate reorganization. Because the transaction did not affect the ultimate ownership of Flat Rock and Flat Rock II, the Commission determined that it need not be reviewed or regulated under Public Service Law §70. Because PSL §70 provides review of the transfer of ownership interests in electric plants, it is not necessary for the transaction to be reviewed based on the fact that there are no new owners being brought into the corporate structure.