Natural Gas
Japan's JERA buys stake in gas-fired U.S. power complex
- JERA is a fuel joint venture between Tokyo Electric Power and Chubu Electric Power

Japan's JERA, the world's biggest LNG importer, acquired a 50 percent stake in Linden Cogen Holdings, the owner of a 972-megawatt natural gas-fired thermal power cogeneration complex in the state of New Jersey in the U.S., the company said on Thursday.

JERA said that it would acquire the interest from funds managed by Oaktree Capital Management, L.P. and Ares Management, L.P. and their respective co-investors through its wholly-owned subsidiary JERA Power U.S.A.

Linden not only plays a significant role in the supply of wholesale power to New York City, producing approximately 10 percent of the metropolis’ power demand, but also sells power and steam produced during the process of power generation for industrial use.

JERA said that it will continue to enhance its corporate value by expanding its overseas power generation business, in the Americas and elsewhere, taking into account global market trends, profitability and associated risks, and applying the know-how gained overseas to its domestic power generation business.

"We are delighted to partner with outstanding investment firms, Oaktree and Ares, on this excellent power plant that delivers reliable power to meet New York City's demand and provides significant benefits to the region," said Toshiro Kudama, senior vice president of JERA.

JERA is a fuel joint venture between Tokyo Electric Power and Chubu Electric Power.

By Murat Temizer

Anadolu Agency

12 Oct,2017