The Chugoku Electric Power Co., Inc. (“Chugoku Electric”), is pleased to announce its acquisition of 10% of the membership interests in South Field Energy Partners LLC, the 100% indirect owner of an approximately 1,182 MW natural gas fired power generation project located in Ohio, the United States (the “Project”). Chugoku Electric, through its subsidiary in the United States*, acquired the membership interests of South Field Energy Partners LLC on June 27th , 2019 from AP South Field Holdings, LLC, a wholly owned subsidiary of Advanced Power AG (“Advanced Power”). Advanced Power developed the Project and is a leading developer, owner and manager of low carbon electric generating facilities in North America and Europe. This is Chugoku’s second power generation project in the United States, following the Chugoku’s acquisition of Kleen Energy Systems, LLC, a project in Connecticut.
The Project is scheduled to achieve commercial operations in 2021 and will sell capacity and electricity into the wholesale power market operated by PJM **.
Chugoku Electric regards overseas business as one of growth areas to establish its revenue base for sustainable growth in future and will pursue equity investment in overseas business by utilizing its knowledge of the electric power business cultivated through our experience.
* Chugoku Electric Power America, LLC, a wholly owned subsidiary of Chugoku Electric.
** The largest wholesale electricity market in the United States. Its official name is PJM Interconnection LLC.