JERA Co., Inc. (“JERA”), through its subsidiary JERA Americas Inc., having decided to participate in thermal power generation projects in Massachusetts and Maine in the United States (the “Projects”), has concluded a stock purchase agreement with an affiliate of funds managed by Stonepeak to acquire a 100% interest in the Projects. The acquisition is expected to be finalized upon completion of all necessary approval and authorization procedures.
The two Projects, with a total capacity of approximately 1.63 GW, are the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.
The northeastern United States is densely populated and has a reliably high demand for electricity, but the region is also a challenging location for new large-scale power projects and tends to have tight electricity supply-demand in winter.
For this reason, highly flexible thermal power generation is of great importance, and both the Canal and Bucksport Thermal Power Stations contribute to stable supply as significant sources of electricity in the region during emergencies and peak times.
JERA will strive to enhance the value of the Projects by utilizing its technological capabilities cultivated to date to further improve operational and maintenance efficiency.
JERA believes that utilization of existing large-scale power projects that do not require construction of new power transmission networks is an important part of promoting decarbonization in the northeastern United States, and will pursue commercially viable decarbonization paths including low carbon biofuels in place of traditional fuels, as well as large scale renewable projects, blending hydrogen in gas turbines, and energy storage solutions.:
As a global company providing cutting-edge solutions to the world’s energy issues, JERA will scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world.
