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FERC allows Japanese utility to become tax equity investor in NJ gas-fired plant

FERC on Dec. 21 authorized a subsidiary of Japanese utility Kansai Electric Power Co. to become a tax equity investor in the in the 669-MW (summer rating) West Deptford combined-cycle facility in Gloucester County, N.J.

Under the deal, KPIC USA LLC will acquire 17.5% of class A membership stake in the natural gas-fired facility from MC West Deptford Energy Investments LLC, an indirect subsidiary of Marubeni Corp.

MC West Deptford owns 35% of class A membership interests in the facility and will continue to hold a 17.5% class A stake upon closing of the deal. (FERC Docket No. EC 17-29)

In September, LS Power Group sold most of its interest in the West Deptford plant to a group of institutional investors.