Gulf Energy Development has signed an agreement with J-POWER Jackson Partners to acquire the 49% stake, in exchange for $409.6m investment in the Jackson Generation Power Station in Illinois, US
Gulf Energy to acquire stake in Jackson Generation. (Credit: Ella Ivanescu on Unsplash)
Thailand-based electric power generation company Gulf Energy Development is set to invest $409.6m in the Jackson Generation Power Station in Illinois, US.
The company has signed an agreement with J-POWER Jackson Partners to acquire the 49% stake in the power project, in exchange for its equity investment.
Gulf Energy Development has established Gulf Energy USA, a wholly owned subsidiary in the US to execute this transaction.
With the equity investment in Jackson Generation, the company enters the US energy market.
The investment is in line with its commitment to enhance energy security through the provision of reliable, low-cost electricity, said Gulf Energy.
The transaction is expected to complete within December 2022, subject to certain customary closing conditions, including the receipt of required regulatory approvals.
Gulf Energy Development chief financial officer Yupapin Wangviwat, in a statement said: “As electricity demand in the United States continues to increase, Gulf sees the opportunity to develop other power projects. Gulf was considering other interests in the United States, including renewable energy.”
Jackson Generation is a 1,200MW gas-fired power project located in Will County, Illinois, which has started commercial operation on May this year.
The power facility leverages advanced combined-cycle gas turbine technology and generates electricity with lowest greenhouse gas emissions.
It supplies electricity to the Pennsylvania-New Jersey-Maryland Interconnection (PJM), which supplies electricity in 13 states and the District of Columbia.