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Tokyo-based Electric Power Subsidiary partners with AP Solar in 400 MW Texas Solar Project

LCG, August 6, 2020—J-Power USA Development Co, a subsidiary of the Electric Power Development Co. headquartered in Tokyo, has joined a joint venture to develop a 400 MW Texas solar project.

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Texas Solar Project Sold to CIP

LCG, July 31, 2020—An affiliate of Copenhagen Infrastructure Partners has completed purchase of a 350 MW solar photovoltaic project near the Houston metro area from Solar Plus Development Inc. and Avondale Solar.

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Industry News

Hidrocantábrico Ousts TXU’s Turberville

LCG, July 13, 2000--Phil Turberville, chief executive of TXU Corp.s TXU Europe unit, has been removed from the permanent committee responsible for the day-to-day operations of Spains fourth-largest electric generation company, Hidroelctrica del Cantbrico.

The action by Hidrocantbricos board, of which Turberville remains a member, is in response to suspected collusion between TXU Europe and Belgian electricity distributor Electrabel in acquisition of 15 percent of Hidrocantbrico's shares last week, circumventing Spain's takeover code which requires any accumulation of 25 percent or more of a companys shares to proceed to full takeover.

In March, TXU owned 5 percent of Hidrocantbrico when it launched a takeover bid. It doubled its stake to 10 percent and subsequently added another 3.94 percent, bringing its ownership in the Spanish company to 13.94 percent.

Last week, TXU added another 5.26 percent stake in Hidrocantbrico, bringing its interest to 19.2 percent, still well short of the mark that would trigger a full takeover. At the same time, and at the same price, Electrabel bought a 10 percent interest in Hidrocantbrico, and Turberville was alleged to have held talks with Electrabel officials.

TXU denied any irregularities, saying "The only relationship we have had with Electrabel is an agreement that if they are forced to sell their Hidrocantbrico shares, by competition authorities, we would have an option to purchase them."

Electrabel also denied that the company was acting in concert with TXU in order to take control of Hidrocantbrico.

The twin deals are being investigated by Spanish stock market regulators, a move endorsed by the Hidrocantbrico board.

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