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

FirstEnergy to Sell a Total of 1,572 MW of Competitive Natural Gas and Hydro Assets

LCG, January 20, 2017--FirstEnergy Corp. yesterday announced it has entered into an agreement to sell four competitive natural gas generating plants in Pennsylvania and its competitive portion of a Virginia hydroelectric power station to a subsidiary of LS Power Equity Partners III, LP, of New York for approximately $925 million in an all cash transaction. The combined capacity of the electric generating facilities sold totals 1,572 MW, including 713 MW of pumped-storage hydro capacity in the Bath County Pumped Storage Project.

FirstEnergy announced in November 2016 that it would move away from competitive generation markets and was exploring a variety of options. The company also announced at the time that it had initiated a review of its ownership stake in the Bath County Pumped Storage Project that were driven by changes in the PJM capacity market, which were expected to reduce sharply capacity revenues from the facility. The sale of the newly announced plants is consistent with FirstEnergy's strategy to operate as a fully regulated utility company.

The facilities included in the new agreement are owned directly or indirectly by FirstEnergy subsidiaries Allegheny Energy Supply Company, LLC, and Allegheny Generating Company. The sale is expected to be completed in the third quarter of this year, subject to the terms of the agreement and approval by the Federal Energy Regulatory Commission (FERC) and other agencies, as well as third-party consents.

The sale to LS Power includes the following facilities: Bath County Hydro (713 MW pumped-storage hydro) in Warm Springs, Virginia (which represents the FirstEnergy competitive ownership interest in the power station); Springdale Generating Facility Units 1-5 (638 MW natural gas) in Springdale Township, Pennsylvania; Chambersburg Generating Facility Units 12-13 (88 MW natural gas) in Guildford Township, Pennsylvania; Gans Generating Facility Units 8-9 (88 MW natural gas) in Springhill Township, Pennsylvania; and Hunlock Creek (45 MW natural gas) in Hunlock Creek, Pennsylvania. The gas-fired facilities include simple-cycle generating units, plus a 550-MW combined-cycle facility at the Springdale Generating Facility.

Upon completion of the sale, FirstEnergy will own or control a total generating capacity of approximately 15,380 MW from nuclear, coal, hydro, wind and solar facilities across Ohio, Pennsylvania, West Virginia, New Jersey, Virginia and Illinois.

FirstEnergy sold a number of hydro facilities in 2014, when it completed the sale of 11 other hydroelectric power stations to Harbor Hydro Holdings, LLC, a subsidiary of LS Power Equity Partners II, LP. The total capacity of those hydroelectric facilities was 527 MW, including the Seneca Pumped Storage Hydro Plant (451 MW), located in northwestern Pennsylvania.
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