JERA Americas, a subsidiary of Japan-based energy firm JERA, has agreed to acquire a 1.6GW thermal power portfolio in New England, US, from alternative investment firm Stonepeak.

The thermal power portfolio includes the 566MW Canal I facility and Canal II and III, which have 559MW and 333MW of capacity respectively.

Also included in the portfolio is the Bucksport thermal plant in Bucksport, Maine, which has 175MW of capacity.

JERA Americas CEO Steven Winn said: “The transition to net-zero carbon dioxide (CO₂) emissions energy is a multi-step process demanding emission reductions on many fronts with several different technologies.

“Securing these assets will allow us to reduce CO₂ emissions from the existing facilities, and use these locations as a foothold for supporting largescale renewable energy facilities and technologies.

“These facilities remain critical to ensuring grid stability and providing power to the New England market during high-demand periods.

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“We plan to use these units to supply needed energy with a view toward reducing emissions as we expand renewable energy and other CO₂ emission-reducing technologies.”

JERA Americas said that the thermal power portfolio will help in maintaining grid reliability as it moves forward with its clean energy vision.

Winn added: “In the past, these assets would be valued purely on their ability to provide electricity to the market.

“JERA Americas takes a broader view – one of taking traditional thermal energy sites and implementing constructive changes that support net-zero CO₂ emissions goals.”

The financial details of the deal have not been disclosed by either company.

JP Morgan Securities served as an advisor to Stonepeak for the transaction.

Earlier this year, JERA Americas’ parent company JERA reached heads of agreement with West Holdings Corporation to develop around 1GW of solar power capacity in Japan over the next five years.