J-POWER USA to sell portion of interest in the Jackson Generation facility

CHICAGO, Sept. 9, 2022 /PRNewswire/ -- J-POWER USA Development Co., Ltd. (J-POWER USA) has entered into an agreement with Gulf Energy Development Public Co., Ltd. (GULF), a Thai energy and infrastructure company, to sell its 49% interest in the Jackson Generation, LLC (Jackson Generation) a power facility located in Will County, Illinois. 

The transaction is expected to close in December 2022 subject to all customary closing conditions including approval from the Federal Regulatory Commission (FERC) and completion of review by the Committee on Foreign Investment in the United States (CFIUS).

Jackson Generation is one of the most advanced combined cycle power plants in Illinois and also one of the most efficient and lowest-emitting natural gas-fueled plants in North America. Currently, Jackson Generation provides electricity to over 1.2 million Illinois homes and helps maintain stability to the electric grid in supporting renewable generation.

"J-POWER USA is excited to partner with GULF, a leading power and infrastructure company in Thailand as they make their first investment into the U.S. power market," said Mark Condon, President and CEO of J-POWER USA. "We expect Jackson Generation to continue to deliver clean reliable power to residents in Illinois as we work toward a clean energy future."

Merit Capital Advisors, LLC and Baker & McKenzie LLP have acted as financial and legal advisors, respectively, in connection with the transaction.

J-POWER USA 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 2022, J-POWER had revenues of US$8.9 billion and assets of approximately US$25.1 billion. With approximately 26,000 megawatts of net ownership, J-POWER is one of the world's largest independent generators of electricity, owning 96 power plants in Japan and 35 international IPP investments.

Gulf Energy Development Public Co., Ltd., headquartered in Bangkok, Thailand, is a holding company that invests in a portfolio of conventional and renewable power generation and distribution businesses, including natural gas supply and distribution, infrastructure and utilities business, digital infrastructure business, and other related businesses worldwide.

SOURCE J-POWER USA Development Co., Ltd.