Osaka Gas acquires participation in IPP Project in the U.S.

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Osaka Gas has entered into an agreement with Marubeni Corporation for its acquisition of 25% equity interest of the 725 MW St. Charles power project located in Waldorf, Maryland.

Subsequent to completion of this transaction the equity composition of the St. Charles Power project will be; Osaka Gas 25%, Marubeni 25%, Toyota Tsusho Corporation 25%, and Competitive Power Ventures (CPV) 25%.

Located 25 miles southeast of Washington, DC, the CPV St. Charles Energy Center is a state-of-the-art 725 MW combined-cycle natural gas-fired power plant using two reliable, highly efficient GE 7F.05 Gas Turbines and a GE D400 Steam Turbine. The project, which is currently under construction, is being built by SNC Lavalin Constructors Inc. and operated by Ethos Energy Power Plant Services, LLC.

The project will sell its capacity, energy and ancillary services into the transmission-constrained SWMAAC zone of the PJM market. The benefits of a reliable water supply for efficient wet cooling, as well as the site’s proximity to PEPCO 230 kV transmission lines and the Dominion Cove Point natural gas pipeline, make this one of the most cost competitive projects in PJM.

Start of commercial operation of the plant is slated for February 2017. Once constructed and operational, the CPV St. Charles Energy Center will be one of the most efficient combined-cycle facilities in PJM.

In mid August we reported that Maryland-based CPV and partners Marubeni and Toyota Tsusho closed financing with GE Energy Financial Services and 14 other lenders for the US$775 million project.

 

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