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March 2, 2007
Osaka Gas Co., Ltd.
Gas and Power Investment Co., Ltd. (GPI), a wholly-owned subsidiary of Osaka Gas Co., Ltd. (Osaka Gas), reached an agreement with ArcLight Capital Partners, LLC (ArcLight) yesterday on the acquisition of the remaining ownership (50%) of Marianas Energy Company, LLC (MEC), currently owned by an affiliate of ArcLight.
The acquisition will be an addition to the 50% ownership which GPI acquired from ArcLight in December 2005 through Osaka Gas Energy America Corporation (OGEAC), a US affiliate of GPI. As a result of this transaction, MEC will become a 100% subsidiary of OGEAC. The independent power production (IPP) plant operated by MEC supplies electricity to Guam Power Authority through a long-term power purchase agreemen. The transaction is scheduled to close in early March 2007.
Osaka Gas places a high priority on the development and acquisition of IPP assets both at home and abroad as part of its strategy to develop into a multi-energy services company. The new acquisition is expected to further bolster revenues from IPP business and to contribute to strengthening its expertise and know-how on electricity business.
The power plant, located in Piti, Guam, having the rated capacity of 87MW, consists of two diesel engine-driven generators fueled by fuel oil. The plant was commissioned in January 1999.