Development Bank of Japan Inc. (“DBJ”; President and Chief Executive Officer: Masanori Yanagi ) announces that it will participate in a natural gas-fired thermal power generation project in New York through the project’s operating company, Cricket Valley Energy Center (“the Company”).
The Company will construct a natural gas-fired combined cycle power generation plant with a power generation capacity of 1,100 MW in Dutchess County, New York. The power plant is scheduled to start commercial operation in 2020. The power produced will be sold on the wholesale electricity market in New York.
The largest investor is JERA Co., a joint venture between Chubu Electric Power Company, Incorporated, and TEPCO Fuel & Power, Incorporated. JERA will be a lead contributor to the project, drawing on its experience in the construction and management of thermal power plants. As the project is to be undertaken in the United States, where electricity liberalization is more advanced, DBJ hopes to acquire the knowledge required of a financial business in a freer market and apply it to the rapidly liberalizing electricity market in Japan.
In line with our corporate philosophy – “Applying financial expertise to design the future: we apply creative financing to resolve client issues, as we work to earn the trust of our clients and help them achieve their future prosperity” – DBJ will extend full support to its clients’ overseas initiatives in the electricity sector.
Corporate Finance Department、Division 5
Outline of the Natural Gas-fired Thermal Power Generation Project in New York State
|Project Operating Company||Cricket Valley Energy|
|Investors||Development Bank of Japan (DBJ); JERA; |
TIAA Global Asset Management (TIAA);
Advanced Power (AP); BlackRock;
NongHyup Financial Group (NHFG) and Kiwoom
|Place||Dover, Dutchess County, New York, U.S.A.|
(Approx. 100km northeast of New York City)
|Generation Capacity||Approx. 1,100 MW|
|Generation Method||Natural gas-fired combined cycle power generation|
（Gas turbine: GE）
|Start of Operation||2020 (Scheduled)|
2. Project Scheme