Tuesday December 25, 05:19 PM
Japan's Itochu says bought US power station
TOKYO (AFP) - Japanese trading house Itochu Corp., seeing future growth in the United States, said Tuesday it had bought a power station in the southeastern state of Virginia.
Tyr Energy, a US unit of Itochu (Munich: 855471 - news) , has become the sole owner of the 315-megawatt gas-turbine Commonwealth Chesapeake Power Station, which supplies power to 300,000 households, the Japanese parent firm said in a statement.
It bought the plant from Omaha-based Tenaska Power, which confirmed the sale. Neither company disclosed the price, but Japan's Nikkei (news) business daily estimated the acquisition was worth 20 to 30 billion yen (175 million to 263 million dollars).
It was Itochu's fourth such acquisition of a power plant in the United States.
Itochu said in the statement that it will keep pursuing "investment opportunities in North America, which has the largest electricity market in the world and is forecasted to have stable growth in the future."
Japanese electricity companies have increasingly been setting their sights overseas amid modest growth at home.
Electronics giant Toshiba Corp (Berlin: TSE1.BE - news) . last year bought US nuclear power plant maker Westinghouse in a multi-billion-dollar deal, expecting strong growth in atomic power due to concerns over high oil prices.
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