About 12.5% of the equity capital will be contributed by Toyota Tsusho while Highstar Capital IV will contribute the remaining 87.5% of equity capital for the power plant.
An equity interest will also be retained by Footprint Power Salem Harbor, the development sponsor for the project.
The Salem Harbor Power Plant will be a re-powering project and involves the replacement of an aging coal- and oil-fired power generation plant with a new natural gas-fired power generation plant in order to reduce the burden on the environment.
Power generated from the facility, which is planned to commence commercial operation in 2017, will be supplied through North American wholesale electric power market ISO-NE (an independent system operator in New England).
In addition to helping stem a decline in power output caused by the decommissioning of aging coal-fired and nuclear power plants, the gas-fired power generation plant will support the stable electric power supply in the New England region.
