NAGOYA – Toyota Tsusho Corp. said Tuesday it has concluded a contract with two U.S. companies to jointly build and operate a natural gas-fired power station in New Jersey.
Construction of the thermal plant is expected to start by the end of September and commercial operations will begin in January 2016, the trading house said.
The 700,000-kilowatt facility will supply electricity to the northwestern United States via North America’s largest wholesale electricity market, run by PJM Interconnection LLC. It will be Toyota Tsusho’s first entry to PJM’s market.
Toyota Tsusho is partnering with Competitive Power Ventures Holdings LLC, based in Maryland, and Massachusetts-headquartered ArcLight Capital Holdings LLC. The trading house will hold a 31.25 percent stake in the $840 million (¥83.2 billion) project.