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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Head office: Tokyo, President & CEO; Masami Iijima) is pleased to announce that it has acquired a 20.6% interest in Astoria I power generation project in New York City, New York, U.S.A ("Project") from GDF SUEZ Energy North America, Inc., a subsidiary of the global energy group GDF SUEZ S.A. ("GDF SUEZ"). The Project is valued at approximately US$1 billion.
The Project is an IPP (Independent Power Producer) business that operates a gas-fired combined cycle power station in New York City, one of the major power consuming regions in the U.S. The project currently supplies power to a subsidiary of Consolidated Edison, a utility of the region, under a power purchase agreement ("PPA") through May 2016. After the term of the PPA, the Project is planned to sell electricity to the New York electricity market. The Project commenced its commercial operation in May 2006, and is anticipated to contribute to the stable power supply as a state-of-the-art power plant, supporting the expected further growth in electricity demand in the region for the years to come.
The Project strengthens the global partnership between GDF SUEZ and Mitsui, which covers power generation and LNG export businesses across 12 countries worldwide. As for power projects in North America, the Project is the second collaboration between GDF SUEZ and Mitsui after Mitsui's participation in a 680MW renewable generation portfolio developed by GDF SUEZ in Canada in 2012. It signals the ambition of both companies to develop existing assets and expand their cooperation globally.
In the U.S., Mitsui is promoting shale gas related businesses such as the shale gas exploration & production (E&P), liquefied natural gas (LNG) export, chemical manufacturing including methanol as well as gas distribution. Furthermore, on October 1, Mitsui established the Shale Gas Division to exploit shale gas related business opportunities in addition to the current shale gas upstream development. Given the Project's flexibility in gas procurement, project funding and power sales arrangement, Mitsui will pursue new business opportunities by exercising and leveraging Mitsui's comprehensive strengths and functions in different business fields, such as potential fuel supply to the Project from our subsidiary which is engaged in the gas distribution business.
AE Investor 25.0%
East River 4.1%
|Project Location||Queens, New York City, New York, U.S.A.|
|Generation Capacity||575MW (Nameplate Capacity)|
|Commencement of Operation||May 2006|
|Company||GDF SUEZ S.A.|
|Head Quarter||Paris, France|
|President||Gérard Mestrallet (Chairman & CEO)|
|Business||Electricity, natural gas and energy services|
|Foundation date||July, 2008|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.