J-POWER USA unit acquires stake in Tenaska power plant
J-POWER Westmoreland has acquired an equity stake from Tenaska in the Tenaska Westmoreland Generating Station, a 925MW natural gas-fueled power plant project near Pittsburgh, the US.
The project is owned by affiliate of Tenaska, Diamond Generating. The transaction was closed last week.
J-POWER's USA president and chief executive officer (CEO) Mark Condon 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.”
J-POWER USA is a subsidiary of Tokyo-based Electric Power Development (J-POWER), an independent power producer and wholesale utility in Japan. J-POWER’s association with Tenaska includes investments in natural gas-fueled power generating facilities in Texas and Virginia.
Tenaska's strategic development and acquisitions group senior vice-president Dave Kirkwood 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.”
The natural gas-fueled combined-cycle project is under construction, and is expected to commence its commercial operations by next year.