The companies acquired interests in the three power facilities from affiliates of the Harbinger Independent Power Fund II (HIPF II), DiFazio Electric, and the Northwestern Mutual Life Insurance Company (NML).
J-Power has acquired from HIPF II and DiFazio, 100% of the interests in Pinelawn Power, the owner of the 80MW combined-cycle Pinelawn facility located in Babylon, Long Island, New York and 100% of the interests in HD Freeport, the indirect owner of the 47MW peaking facility in Freeport, Long Island, New York. Both assets are fully contracted to the Long Island Power Authority (LIPA).
In addition, J-Power has acquired from HIPF II and NML, 100% of the interests in Harbert TVP and Harbert TVP General, the indirect owners of a 30% interest in the 885MW combined-cycle Fluvanna power plant located in Virginia, that is fully contracted to Coral Power. Tenaska will maintain 70% of the ownership interests in Fluvanna.
John Salyer, president and CEO of J-Power USA, said: The acquisition of this portfolio is consistent to invest in quality contracted generating assets. As a result of the acquisition, we have come up with the assets within the joint venture (JV) with John Hancock, own 100% of two additional plants, and the JV now has approximately 2,400MW in net equity ownership.
