Jera to acquire 50% stake in 972MW Linden Cogen facility in New Jersey
Jera will acquire a 50% interest in Linden Cogen, which operates the 972MW natural gas-fired thermal power cogeneration complex located in the State of New Jersey, US.
Under the terms of the deal, Jera, through its wholly-owned subsidiary JERA Power, will acquire the stake from funds managed by Oaktree Capital Management, and Ares Management, and their respective co-investors.
The acquisition is part of Jera’s efforts to actively participate in energy projects to strengthen its position in the energy market. Financial terms of the deal were undisclosed.
Jera senior executive vice-president Toshiro Kudama said: “Jera believes our expertise including parent companies gained from operating approximately 70GW worldwide will add value to Linden.”
Power generated from the Linden cogeneration facility is sold to the wholesale electricity market in the State of New York as well as the PJM Interconnection, the wholesale electric market.
Power and steam produced from the power generation facility is supplied for industrial use under long-term contracts.