The Federal Energy Regulatory Commission authorized JERA Power U.S.A. Inc. to acquire a 50% ownership stake in the 974-MW Linden gas-fired power cogeneration facility in New Jersey.
Ares EIF Management LLC and Oaktree Capital Group LLC will each sell 25% of their upstream interests in the Union County-based facility to the Tokyo-based JERA Co. Inc. subsidiary. Each seller will retain a 25% interest in the plant after closing, according to a Dec. 19 FERC order.
Linden's contract with Consolidated Edison Co. of New York Inc. has expired, and units 1-5 have been operating as a merchant facility, with EDF Energy Services LLC as its energy manager.
The facility had two bilateral capacity agreements when the parties sought FERC approval of the deal The first was with EDF for 30 MW of capacity with a term of May to October, and the second was with the Consolidated Edison Inc. subsidiary for 250 MW with a term from May 2017 to April 2018.
JERA Co. is jointly owned by Chubu Electric Power Co. Inc. and a subsidiary of Tokyo Electric Power Company Holdings Inc. (FERC docket EC18-11)