Back to 2006 listChubu Electric Invests in North American Power Project The company's third IPP project in North America
May 29, 2006
Chubu Electric Power Co., Inc.
Chubu Electric, along with Itochu Corporation and Tyr Energy, Inc.*1 have previously established Tyr Capital, LLC to pursue projects investing in several existing power stations in North America.
Tyr Capital and the US-based Starwood Capital Group Global, LLC*2 recently acquired the entire interest in five CalPeak Power, LLC gas turbine power stations in California. The stations have a combined output of about 250,000kW.
The objective of this project is to secure a stable revenue source by taking an ownership position in existing power stations. The CalPeak Power stations recently acquired have a power purchasing agreement with the California Department of Water Resources and can therefore provide a steady stream of income.
This is Chubu Electric's third investment in an IPP in North America through Tyr Capital, following investments in the Lincoln Generating Facility near Chicago, Illinois (a gas turbine power station with output of about 670,000kW) and the Green Country Generating Plant in Oklahoma (a gas combined cycle power station with output of about 800,000kW).
For Chubu Electric, the next five years will be a time of expansion of our energy business outside of Japan, with a focus on Asia and other regions with strong potential. North America, however, already the world's largest power market and showing steady demand growth, is another important part of Chubu Electric's overseas power investment strategy, and we look forward to finding more such excellent investment opportunities.
*1 Tyr Energy, Inc: A US-based subsidiary of Itochu Corporation providing IPP management services.
*2 Starwood Capital: A US-based investment management company established in 1991. Using funds procured from US state and major enterprise pension funds among other sources, it makes investments around the world in real estate, electric power and other areas.
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