CHICAGO, Nov. 21, 2016 /PRNewswire/ -- J-POWER USA Generation, L.P. ("J-POWER USA Generation"), the limited partnership vehicle of J-POWER USA Investment Co., Ltd., an affiliate company of J-POWER USA Development Co., Ltd. ("J-POWER USA"), and the John Hancock Life Insurance Company ("John Hancock"), acquired a 50% interest in Elwood Energy LLC ("Elwood") from affiliates of Dynegy Inc. ("Dynegy"). Elwood owns a 1350 MW natural-gas-fired simple cycle facility located in Will County, Illinois. J-POWER USA Generation has owned a 50% interest in Elwood through an affiliated company from 2007, and now, as a result of the acquisition, J-POWER USA Generation owns 100% interest of Elwood.
J-POWER USA and affiliates now have interests in 10 U.S. power generating facilities totaling approximately 3,500 MW in net ownership. "The additional acquisition of the 50% interest of Elwood is consistent with our strategy of investing in and developing high quality power generating facilities which connect to reliable power markets, like PJM," stated Mark Condon, President and CEO of J-POWER USA. "J-POWER USA will continue to look for opportunities to expand its North American power generation business," Condon continued.
About J-POWER USA
J-POWER USA Development Co., Ltd. is a wholly owned subsidiary of J-POWER North America Holdings Co., Ltd. which is a wholly owned subsidiary of Electric Power Development Co., Ltd. ("J-POWER") with headquarters located in Tokyo, Japan. J-POWER USA, headquartered in the greater Chicago area has a long-term strategy to acquire, develop, finance and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector.
J-POWER stock is listed on the Tokyo Stock Exchange. In the fiscal year ending March 2016, J-POWER had revenues of U.S. $6.9 billion and assets of approximately U.S. $22.6 billion. With approximately 25,000 megawatts of net ownership, J-POWER is one of the world's largest independent generators of electricity, owning 96 power plants in Japan with total generation of approximately 18,000 megawatts of installed capacity, and 36 international IPP investments totaling approximately 6,600 megawatts of net installed capacity.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada, and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents, and distribution partners. Assets under management and administration by Manulife and its subsidiaries were $934 billion (US$718 billion) as of June 30, 2016. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
SOURCE J-POWER USA