J-POWER acquires equity stake in Tenaska Power Plant Project in Pennsylvania
- Diamond Generating Corporation
- Mitsubishi Corporation
- Electric Power Development Co
Related M&A Transactions
J-POWER Westmoreland, LLC, a subsidiary of J-POWER USA Investment Co., Ltd., has secured an equity stake from Tenaska in the Tenaska Westmoreland Generating Station, a 925 MW natural gas-fueled power plant project near Pittsburgh.
The transaction closed on January 11. 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, 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.
Construction of the natural gas-fueled combined-cycle project is underway, with commercial operation targeted for 2018. When complete, Tenaska Westmoreland will serve the PJM Interconnection market, which coordinates the delivery of power in all or parts of 13 eastern states and the District of Columbia.
Mark Condon, president and CEO of J-POWER USA said:
"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. J-POWER USA will actively continue to look for opportunities to expand its North American power generation business."
Dave Kirkwood, senior vice president in Tenaska's Strategic Development & Acquisitions Group said:
"We are pleased to have J-POWER USA investing alongside Tenaska as a partner in the Westmoreland project. 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."