Sep. 14, 2016
Participation in a 751MW gas-fired power plant in New Jersey
Sumitomo Corporation (“Sumitomo”) and Marubeni Corporation（”Marubeni”） announce that they have acquired equity ownership in the West Deptford gas-fired power station (“West Deptford Power Station”) in New Jersey, the United States. Sumitomo and Marubeni respectively have acquired 10% and 35% interests in West Deptford Energy Holdings, LLC (which owns West Deptford Power Station) from an affiliate of LS Power Group (“LS Power”), a power developer in the United States. LS Power affiliates will continue to participate in the West Deptford Power Station as a fellow owner and as the project’s operator.
West Deptford Power Station is a natural gas-fired combined-cycle power generation facility with a capacity of 751 megawatts. Since its commercial operation in November 2014, it has supplied power to the northeastern part of the PJM RTO in the United States (Pennsylvania-New Jersey-Maryland). PJM has the largest wholesale electricity market in North America. West Deptford Power Station is well positioned as one of the most advanced power sources in northeastern PJM and is expected to play an important role in maintaining a stable power supply in that region at a time when there are many anticipated retirements of coal-fired and nuclear power stations.
Sumitomo has a long history developing, operating and owning not only gas-fired but also renewable power operations, including one of the largest onshore wind businesses in North America. Sumitomo has also invested in a battery energy storage system and has provided a reliable and stable supply-demand balancing service for the frequency regulation market operated by PJM since January 2016. Through its depth of experience in its many roles in the energy sector, Sumitomo will contribute to the world's economic development by investing in and building environmentally friendly, high-efficient, high-quality and high-performance energy systems.
Marubeni supports clean power initiatives in North America through equity participation in efficient gas-fired and renewable energy projects that are low-carbon alternatives to traditional power plants. In PJM, Marubeni has participated as one of the equity owners of the St. Charles gas-fired power plant (725MW) since August 2014; St. Charles is a new and efficient plant that is currently under construction and expected to begin operations in less than a year. Marubeni has a large and diverse world-wide portfolio of power plants, which gives it insight and experience into the global power business, and Marubeni is committed to bringing the best of that experience to its North American investments, which help to provide a stable power supply through low-carbon, efficient technologies.
|Project Name||West Deptford Power Station|
|Business||Operation of gas-fired power plant and energy sales in PJM wholesale energy market|
|Location||Gloucester County, New Jersey State, USA|
|Ownership||Marubeni Corporation 35%, LS Power 17.8%, Ullico 14.5%, Prudential 11.1%, Arctic Slope Regional Corporation 11.6%, Sumitomo Corporation 10%|
|Commercial Operation||November 2014|
|Company||LS Power Development, LLC|
|HQ Location||New York city, USA|
|Business||An independent power developer in USA|
|HQ Location||Washington DC, USA|
|Business||Insurance and investment products for the union market place|
|Company||Prudential Capital Group (Energy Finance Group - Power)|
|HQ Location||Dallas, Texas USA|
|Business||Leading global private capital provider, and institutional investment division of Prudential Financial, Inc. (HQ: New Jersey)|
|Company||Arctic Slope Regional Corporation|
|HQ Location||Alaska state, USA|
An Alaska Native Corporation with operations in government services, energy service,
Petroleum refining and marketing, industrial services, construction and
Corporate Communications Department,