ITOCHU Announces Its Participation in a Gas-Fired Thermal Power Generation Project in the State of New York, US
October 14, 2016
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has agreed to acquire a 50% equity interest in the Empire Power Plant in Rensselaer, New York (hereinafter the “Power Plant”) held by funds managed by Energy Capital Partners, through Tyr Energy Inc. (headquartered in Overland Park, Kansas; Tomoo Yokobori, President & CEO; hereinafter “Tyr Energy”), a US subsidiary wholly-owned by ITOCHU. ITOCHU will acquire 100% of the the Power Plant jointly with the Kansai Electric Power Co., Inc. (Shigeki Iwane, President; hereinafter “Kepco”) and Tokyo Gas Co., Ltd. (Michiaki Hirose, President; hereinafter “Tokyo Gas”). The Power Plant is a 635 MW combined-cycle natural gas turbine power plant that has been in operation since 2010. The transaction is subject to regulatory approvals and customary closing conditions.
After the acquisition, Tyr Energy will take responsibility for the asset management of the Power Plant and NAES Corporation (headquartered in the State of Washington, US; hereinafter “NAES”), a US subsidiary wholly owned by ITOCHU, will take responsibility for the operation and maintenance of the Power Plant.
ITOCHU is active in expanding its power generation businesses throughout the world. ITOCHU is particularly active in North America, owning and managing 14 operating power plants across the United States through Tyr Energy. In addition, ITOCHU also provides operation and maintenance services for power plants through NAES. ITOCHU provides operation and maintenance services for power plants with a total capacity of more than 35,000 MW in more than 130 locations across the world, including the United States. ITOCHU will continue to develop the multi-faceted management of its power businesses through a combination of power generation and service businesses to further enhance value.
Overview of the Empire Power Plant
|Name of power plant||Empire Power Plant|
|Name of business operator||TTK Power, LLC|
|Location||Rensselaer, New York|
|Equity ratio||ITOCHU Corporation: 50%
Tokyo Gas: 25%
|Power generation capacity||635 MW|
|Power generation type||Combined-cycle natural gas turbine power generation|
|Start of commercial operations||September 2010|
Location of the Power Plant