Minutes 05-27-2014 - Laserfiche WebLink

Browse Search

David Rooks: And if this project were approved and constructed, would Sunlight Partners, through whatever entity it might have created, own that entity—own that array? Michael Wallace: Yes sir, they would. Sunlight Partners is working with a company— Sundurance Energy—who is a company, a construction company- Conti -who does work in the state of North Carolina. It's a joint venture, 50/50. Sundurance will come in and set up the panels and maintain them from an O and M standpoint under the joint venture. And Sunlight Partners acts as the developer in this venture. David Rooks: And after it is all constructed, will Sunlight Partners continue to have an interest? Michael Wallace: Yes sir. David Rooks: And this is a departure from your normal practice. Michael Wallace: No it is not, sir. We uh —typically this is what we do as a company. David Rooks: I'm confused, because you told me a few minutes ago that Sunlight Partners owns only one solar farm in the country. Michael Wallace: Correct. So Cate Street Capital works with several companies across the country in ventures like this, whether it is biomass, whether it be paper mills, and they are wholly owned by Cate Street Capital; but they operate on their own terms. So Sunlight Partners will continue to own and operate this with Sundurance as a 50/50 venture, which is typical to how Cate Street Capital operates their businesses. David Rooks: That's all I have. Thank you. Michael Fox: If I could, Mr. Wallace, just get you to clarify one question. Could you explain the relationship between Sunlight and Cate Street? Is one owned by the other and is that...? Michael Wallace: Yes, so Sunlight Partners is a company that is wholly owned by Cate Street but operates under its own entity. We, Cate Street, has a —obviously an interest in the party. We work with Sunlight, as a representation of ine being here tonight, and it is part of our interest to see the project successful with Sunlight Partners. Michael Fox: And just to clarify, could you — I think you mentioned it briefly, but I don't think you explained it—the Cate Streets principal business, and the sister companies that - to Sunlight—that Cate Street owns. Michael Wallace: Yes, so the uh —there are several sister companies under Sunlight Energy, approximately 48 in the state of North Carolina now, that are under this same process submitting applications for solar within the state of North Carolina. Michael Fox: I was actually asking about the sister companies to Sunlight that Cate Street owns in your business - green energy business. Michael Wallace: Oh, yes. Yes, absolutely. Sorry, Mike. We have several other companies within — one operating within the state of Florida, one operating within the state of Maine, another within the state of New Hampshire. And these are different ventures for renewable energy— some solar, some biomass, some into the paper mill industry— all with the same type