Sumitomo Corporation (President and CEO: Susumu Kato; Head Office: Chuo-ku, Tokyo) and Sumitomo Corporation of America (President and CEO: Michihisa Shinagawa; Head Office: New York) have acquired 100% of the ownership interests in the Mid-Georgia Cogeneration facility in the United States through Perennial Power Holdings, Inc. (CEO: Ken Kageyama; Head Office: New York; hereinafter, "Perennial Power"), a 100% joint subsidiary of the two companies that is engaged in the electric power generation business in the United States.

 

The Mid-Georgia power plant is a 300MW natural gas-fired combined cycle power plant, located in the suburbs of Atlanta, Georgia. The plant has been running successfully since it began commercial operation in June 1998. Generated power is supplied to Georgia Power Company, a leading electric power company in the State of Georgia, under a long-term power purchase agreement that runs to 2028 providing the plant with steady income over a long period of time.

 

Prior to the sale, Atlantic Power Corporation (Canada) and Northern Star Generation, LLC (U.S.) each owned 50% of the ownership interests in the plant. Perennial Power has acquired all ownership interests from both companies, and also established a new operation and maintenance company for the plant.

 

Since 2005, Perennial Power has been conducting across-the-board business operations, including plant operation and maintenance services at other power plants it owns in the U.S. Utilizing its accumulated business know-how will further Perennial Power's stable performance.

 

Sumitomo Corporation recognizes the U.S. market, which boasts the world's largest electric power demand, as one of its key strategic markets and will continue its endeavor to expand its power generation business in the U.S.

 

(Broad overview of the Mid-Georgia natural gas-fired combined cycle power plant)

 

 

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