J-POWER Acquires Portfolio of Interests in Three Eastern Generating Facilities Totaling Approximately 400 MW
Posted on: Friday, 19 December 2008, 10:31 CST
CHICAGO, Dec. 19 /PRNewswire/ -- J-POWER USA Generation, L.P. ("J-POWER
USA Generation"), the 50:50 joint venture company of J-POWER USA Investment
Co., Ltd., an affiliate company of J-POWER USA Development Co., Ltd. ("J-POWER
USA"), and the John Hancock Life Insurance Company ("John Hancock"), have
acquired interests in three power plants in New York and Virginia. The
acquisition of interests in the three power facilities is from affiliates of
Harbinger Independent Power Fund II ("HIPF II"), affiliates of DiFazio
Electric, Inc. ("DiFazio") and affiliates of Northwestern Mutual Life
Insurance Company ("NML"). J-POWER USA Generation has acquired from HIPF II
and DiFazio 100% of the interests in Pinelawn Power, LLC, the owner of the 80
MW combined cycle Pinelawn facility located in Babylon, Long Island, NY and
100% of the interests in HD Freeport LLC the indirect owner of the 47 MW
peaking facility in Freeport, Long Island, NY; both assets are fully
contracted to Long Island Power Authority ("LIPA"). In addition, J-POWER USA
Generation has acquiring from HIPF II and NML 100% of the interests in Harbert
TVP Limited LLC and Harbert TVP General LLC, the indirect owners of a 30%
interest in the 885 MW combined cycle Fluvanna power plant located in Fluvanna
County, VA that is fully contracted to Coral Power L.L.C. Tenaska will
maintain 70% of the ownership interests in Fluvanna.
J-POWER USA Generation has invested in 6 power generating facilities.
"The acquisition of this portfolio is consistent with our strategy of
investing in high quality contracted generating assets. As a result of the
acquisition, we have doubled the number of assets within the joint venture
with John Hancock, own 100% of two additional plants, and the joint venture
now has approximately 2,400 MW in net equity ownership," stated John Salyer,
President and CEO of J-POWER USA. "These assets are located in attractive
power markets that continue to have strong demand."
Dexia Global Structured Finance served as financial advisor and Baker &
McKenzie served as legal advisor to J-POWER USA Generation.
About J-POWER USA
J-POWER USA Development Co., Ltd. is a wholly owned subsidiary of J-POWER
North America Holdings Co., Ltd. which is a wholly owned subsidiary of
Electric Power Development Co, Ltd. ("J-POWER") with headquarters located in
Tokyo, Japan. J-POWER USA has a long-term strategy to acquire, develop,
finance and operate power generation facilities in North America and has
assembled a team of power professionals headquartered in the greater Chicago
area with a proven track record of completed acquisitions and business success
in the IPP sector. In total, J-POWER USA owns over 2,500 MW, with a 49.5%
interest in the Birchwood coal-fired facility, in addition to the interests
owned by J-POWER USA Generation.
J-POWER stock is listed on the Tokyo Stock Exchange. In the Fiscal Year
ending March 2008, J-POWER had revenues of US$5.9 billion and assets of
approximately US$20.1 billion. With approximately 20,000 megawatts of net
ownership, J-POWER is one of the world's largest independent generators of
electricity owning 67 power plants in Japan with total generation of 16,380
megawatts of installed capacity, and 20 international IPP investments totaling
over 3,000 megawatts of net installed capacity.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial
Corporation, a leading Canadian-based financial services group serving
millions of customers in 19 countries and territories worldwide. Operating as
Manulife Financial in Canada, Japan and a number of other Asian markets, and
primarily through John Hancock in the United States, the Company offers
clients a diverse range of financial protection products and wealth management
services through its extensive network of employees, agents and distribution
partners. Funds under management by Manulife Financial and its subsidiaries
were Cdn$400 billion (US$389 billion) as of March 31, 2008. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the
SEHK. Manulife Financial can be found on the Internet at
http://www.manulife.com
The John Hancock unit, through its insurance companies, comprises one of the
largest life insurers in the United States. John Hancock offers a broad range
of financial products and services, including life insurance, fixed and
variable annuities, mutual funds, 401(k) plans, long-term care insurance,
college savings and other forms of business insurance.
SOURCE J-POWER USA Generation, L.P.
Source: PR Newswire
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