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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

Proposal to Allow PG&E to Emerge from Bankruptcy Announced

LCG, June 20, 2003--A settlement proposal has been put forth by state regulators and Pacific Gas & Electric negotiators concerning the utility's reorganization and exit from bankruptcy protection.

Although details are still emerging, major aspects of the settlement would allow for paying down $12 billion in debt owed by PG&E with funds already collected from ratepayers, and repay creditors entirely. The deal calls for rate decreases of half-a-cent by 2004 and in 2008, although they would only partially reverse a rate increase of four cents per kilowatt-hour made effective this year.

Commissioners for the Public Utilities Commission were circumspect in describing their view of the settlement, which they will need to vote on, although PUC President Michael Peevey said that "the most important thing about all this is that it's kept PG&E intact as an entity under state regulation." PG&E agreed that it would not try to remove operations from state regulation, at least until 2009. It did not pledge to end legal efforts in opposition to the state concerning power contracts and payments to the Department of Water Resources for power purchases.

Although Gov. Gray Davis and the former PUC President Loretta Lynch found that rates did not go down under the settlement as much as they wished to see, U.S. Bankruptcy Judge Randall Newsome, who presided over the talks, said the settlement, although not extremely favorable to any group, "is a fair deal for both sides and of great benefit for all Californians."
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