SEC FILE NO. 70-8179
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
ENERGY INITIATIVES, INC.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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In The Matter of )
)
ENERGY INITIATIVES, INC. ) Certificate Pursuant
) to Rule 24 of
) Partial
SEC File No. 70-8179 ) Completion of
) Transactions
(Public Utility Holding )
Company Act of 1935) )
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TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION:
The undersigned, Energy Initiatives, Inc. ("EI"),
hereby certifies pursuant to Rule 24 of the Rules and Regulations
under the Public Utility Holding Company Act of 1935 ("Act"), as
follows:
A. By Order dated February 26, 1994, 66 FERC Paragraph
61,113 (1994), the Federal Energy Regulatory Commission ("FERC")
granted Brooklyn Energy Limited Partnership ("BELP"), a Nova
Scotia limited partnership, status as an "exempt wholesale
generator" as defined in Section 32 of the Act ("EWG"). Through
wholly owned subsidiaries, Polsky Energy Corporation ("Cogen
Corp.") has acquired a general and limited partnership interest
in BELP. The following sets forth certain information regarding
BELP in accordance with the Commission's order dated September 7,
1993 ("September Order"):
1. BELP's business address is c/o Polsky Energy
Corporation, Edens Corporate Center, 650 Dundee Road, Suite 150,
Northbrook, Illinois 60062.
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2. The location of the project ("Project") owned by
BELP is Brooklyn, Nova Scotia, Canada. The Project's net
electrical output is 23.8 megawatts ("MW").
3. Total project construction costs are estimated at
approximately US$63 million.
4. General Public Utilities Corporation has guaranteed
up to US$11.4 million of BELP's construction loan borrowings,
pursuant to Commission authorization granted by order dated
February 7, 1994 (HCAR No. 35-25987).
5. The Project's electrical output will be purchased
by Nova Scotia Power Corp.
6. The type of fuel to be used by the Project is wood
waste and coal and/or oil.
7. There are no service, sales or construction
contracts between EI or any associate company of EI and BELP.
8. Cogen Corp.'s ownership interest in the Project is
initially 25% and, after a specified period, increases to up to
73%.
9. The Project is an EWG.
B. On March 10, 1994, 2285241 Nova Scotia Limited ("GP
Sub"), a Nova Scotia corporation and a wholly owned subsidiary of
Cogen Corp., filed an application with the FERC seeking EWG
status. GP Sub's sole asset is a general partnership interest in
BELP. On March 16, 1994, the capital stock of GP Sub was
transferred (for nominal consideration) to an indirect wholly
owned subsidiary of EI.
C. On March 16, 1994, EI, through wholly owned
subsidiaries including GP Sub, acquired an equity interest in
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BELP. The following is certain additional information regarding
BELP provided in accordance with the September Order:
1. The Project was initially developed by Cogen Corp.
and, therefore, no purchase price was paid by Cogen Corp. for the
Project.
2. The projected debt/equity ratio for BELP is 5.67:1.
3. EI is the only equity investor. Canadian Imperial
Bank of Commerce, and a syndicate of institutions for which the
Mutual Life Assurance Company of Canada acts as agent, have
provided the construction financing for the Project.
4. Bowater Mersey Paper Company Limited is the
Project's steam host.
D. By order dated October 18, 1993, 65 FERC Paragraph
61,066, the FERC granted EWG status to Red Lake Energy Partners,
an Illinois general partnership ("Red Lake") in which Cogen Corp.
has through a wholly owned subsidiary acquired a general
partnership interest. Red Lake was formed to develop, own and
operate an electric generating facility near Red Lake, Arizona.
As of April 1, 1994, no definitive agreements with project
parties have been entered into. The following sets forth certain
information regarding Red Lake in accordance with the September
Order:
1. Red Lake's business address is c/o Polsky Energy
Corporation, Edens Corporate Center, 650 Dundee Road, Suite 150,
Northbrook, Illinois 60062.
2. The location of the proposed project ("Red Lake
Project") is near Red Lake, Arizona. The net electrical output
is expected to be 300 MW.
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3. Total project construction costs are estimated at
US$300 million.
4. Neither EI nor any associate company of EI has
guaranteed any of Red Lake's securities.
5. The Red Lake Project's electrical output is
proposed to be sold to Nevada Power Company.
6. The Red Lake Project will utilize compressed air
energy storage technology.
7. There are no service, sales or construction
contracts between EI or any associate company of EI and Red Lake.
8. Cogen Corp.'s ownership interest in Red Lake is
50%.
9. The Project is an EWG.
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY
CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
ENERGY INITIATIVES, INC.
By:
B. L. Levy, President
Date: April 22, 1994
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