Osaka Gas to Participate in a Construction Phase IPP Project in the U.S.
April 28. 2015
Osaka Gas has entered into an agreement today with Marubeni Corporation (Marubeni) for its acquisition of 25% equity interest of CPV Maryland LLC (St. Charles Power Project) held by Marubeni. Subsequent to completion of this transaction scheduled in late May 2015, the equity composition of the St. Charles Power project will be; Osaka Gas 25%, Marubeni 25%, Toyota Tsusho Corporation 25%, and Competitive Power Ventures 25%.
The power plant, located in Waldorf, Maryland, having its capacity of 725MW, is currently under construction. Start of commercial operation of the plant is slated for February 2017. The electricity output from the plant will be sold to users through the PJM power market in the United States.
Company Profile
| Name: | Osaka Gas Co., Ltd. |
| Headquarters: | Osaka, Japan |
| President and CEO: | Takehiro Honjo |
| Capital: | 132 billion yen |
| Founded: | April 1897 |
| Business Outline: | Distribution of gas, generation and distribution of power |
| Sales: | 1.5 trillion yen (as of March 2014) |
| Name: | Marubeni Corporation |
| Headquarters: | Tokyo, Japan |
| President and CEO: | Fumiya Kokubu |
| Capital: | 262 billion yen |
| Founded: | December 1949 |
| Business Outline: | General trading company |
| Sales: | 13.6 trillion yen (as of March 2014) |
| Name: | Toyota Tsusho Corporation |
| Headquarters: | Nagoya, Japan |
| President and CEO: | Jun Karube |
| Capital: | 64.9billion yen |
| Founded: | July 1948 |
| Business Outline: | General trading company |
| Sales: | 7.7 trillion yen (as of March 2014) |
| Name: | Competitive Power Ventures |
| Headquarters: | Maryland, USA |
| Chairman and CEO: | Doug Egan |
| Founded: | December 1999 |
| Business Outline: | electric power generation development and asset management |
