J-POWER USA Acquires Equity Stake in Tenaska Power Plant Project in Pennsylvania
OMAHA, Neb., Jan. 12, 2017 /PRNewswire/ — J-POWER Westmoreland, LLC, a subsidiary of J-POWER USA Investment Co., Ltd. (“J-POWER USA”), has secured an equity stake from Tenaska in the Tenaska Westmoreland Generating Station, a 925-megawatt (MW) natural gas-fueled power plant project near Pittsburgh. The transaction closed on Jan. 11.
“This acquisition is consistent with our strategy of investing in and developing high-quality power generating facilities which connect to reliable power markets, like PJM,” said Mark Condon, president and CEO of J-POWER USA. “J-POWER USA will actively continue to look for opportunities to expand its North American power generation business.”
The Tenaska Westmoreland project is owned by affiliates of Tenaska, Diamond Generating Corporation, which is a subsidiary of Tokyo-based Mitsubishi Corporation, and now J-POWER USA.
J-POWER USA is a subsidiary of Tokyo-based Electric Power Development Co., Ltd (“J-POWER”), an independent power producer and the largest wholesale utility in Japan. J-POWER’s relationship with Tenaska includes investments in natural gas-fueled power generating facilities in Texas and Virginia.
“We are pleased to have J-POWER USA investing alongside Tenaska as a partner in the Westmoreland project,” said Dave Kirkwood, senior vice president in Tenaska’s Strategic Development & Acquisitions Group. “Our relationship with J-POWER USA began over 10 years ago, and we have since built a strong partnership. This investment by J-POWER USA is representative of the bond we have formed over the course of the past decade.”
Since its founding in 1987, Tenaska has raised approximately $14.4 billion in capital through bank facilities, capital market transactions, corporate facilities and equity, supporting the successful development of approximately 10,000 MW of natural gas-fueled and renewable power projects. Commercial financing for the Tenaska Westmoreland project, which includes five-year revenue hedging, closed in 2016.
