Perennial Power Holdings Inc., a subsidiary of Sumitomo Corporation Group, announced Sept. 14 its participation in the operation of West Deptford Energy Holdings LLC, a natural gas-fired power plant in New Jersey.
Perennial Power has acquired interests in West Deptford from an affiliate of LS Power Group, together with other new partners: Marubeni Corp., Ullico, Arctic Slope Regional Corp. and Prudential Capital Group.
West Deptford is a 751-MW natural gas-fired plant developed by LS Power that began operation in November 2014 and provides electricity in the PJM Interconnection market, the largest wholesale electricity market in North America.
Perennial Power owns, operates and manages power plants, leveraging the unique advantage of a globally integrated Japanese trading company with industry-oriented expertise, focusing on conventional and geothermal power generating technologies. Perennial Power currently owns and operates: Hermiston Generating Plant, a 474-MW natural-fired combined cycle plant in northeastern Oregon; American Bituminous Power Partners, an 80-MW waste-coal facility located near Grant Town, West Virginia; and the 6-MW Willey Battery energy storage facility in Ohio.
“We are excited at the opportunity to be investing in a major power operation in the PJM market, and we look forward to working with LS Power and the other operating partners,” said Shigenobu Hamada, President of Perennial Power. “We are eager to learn about the workings of this market and build upon these important partnerships.”
The Federal Energy Regulatory Commission on July 26 approved a June 16 application from West Deptford Energy LLC for authorization for a transaction whereby some or all of MC West Deptford Energy Investments LLC (MC Energy), Ullico Infrastructure West Deptford Holdco LLC, The Prudential Insurance Co. of America, ASRC Capital LLC and Perennial West Deptford LLC may indirectly acquire equity interests in West Deptford.
Perennial Power was established in 2002 by Sumitomo Corp. to invest in independent power plants in North America and to facilitate Sumitomo’s expansion in the global IPP market. Perennial Power is actively seeking to develop, acquire, and operate quality power plants in North and Latin Americas. The company is focused on clean and efficient power generation technologies utilizing natural gas, coal and geothermal energy.