Aug. 11. 2014
Toyota Tsusho Corporation
Marubeni Corporation (“Marubeni”) and Toyota Tsusho Corporation (“Toyota Tsusho”) will participate in the construction and operation of the St. Charles gas-fired power plant project (“St. Charles Project”) in Maryland, U.S.A. Marubeni and Toyota Tsusho will each hold 50% and 25% ownership interest respectively with CPV Power Development, Inc. (“CPV”), a US-based clean energy power project developer holding the remaining 25%.
St. Charles Project is a 725 MW natural gas-fired power generation plant. Construction will start this year and commercial operation is expected to start in 2017. It will deliver power through the nation’s largest wholesale power market, PJM. Highly efficient gas-fired power plants such as the St. Charles Project are expected to replace many of the retiring coal-fired and nuclear power plants in the nation. St. Charles Project will contribute to the stable energy supply in the nation’s capital city region.
Marubeni views North America as one of the core markets in its power business operations. Marubeni has participated in clean energy projects including gas-fired power and renewable power generation projects to satisfy the need for low carbon resources.
Marubeni owns 35,419MW (gross) and 10,961MW (net) generation assets globally including St. Charles Project in its portfolio. Capitalizing on its knowledge and experience gained through its global operations, Marubeni will continue to promote highly efficient energy generation and renewable power to meet the increasing demand for environmentally conscious energy supply.
Toyota Tsusho views North America as a major market for its electric power business. Toyota Tsusho aims to realize stable power supply through the expansion of power business with various project schemes. St. Charles Project will be the second project for Toyota Tsusho to participate in the PJM wholesale market, where it has been partnering with CPV in a project in New Jersey since 2013.
Toyota Tsusho will continue to promote environmentally friendly power generation in the market through energy efficient systems by using natural gas and by expanding its renewable energy portfolio.
St. Charles Power Project
Construction and operation of a gas-fired power generation plant and sale of power
through the PJM wholesale power market
Charles County, Maryland, U.S.A.
Marubeni 50%, Toyota Tsusho 25%, CPV 25%