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

Dynegy Ex-Executives Plead Guilty to Fraud Charges

LCG, August 7, 2003Former Dynegy executives Gene Foster and Helen Sharkey pled guilty to conspiracy to commit securities fraud.

According to the prosecution, the two bought natural gas from the partnership ABG Gas Supply LLC at $300 million below market price, sold the gas at market price, and recorded the $300 million profit. Allegedly the executives promised ABGs banks a full repayment and therefore the arrangement should have been recorded as a debt instead of a profit. The indictment included a related and allegedly inappropriate $79 million tax benefit.

Sharkey and Foster remain free on bond after entering guilty pleas and will return to court October 24 for sentencing. They have agreed to work with prosecutors.

The two executives were fired in February, and Dynegy has since reevaluated and restated its financial situation. Foster served as vice president for tax matters for Dynegy, and Sharkey was accounting manager.

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