A joint venture of a Tokyo Electric Power Company Holdings Inc. unit and Chubu Electric Power Co. will participate in a gas-fired thermal power generation project in New York, the company has said.

Jera Co. has acquired a 44 percent stake in the operating company, Cricket Valley Energy Center, for the $1.58 billion (¥180 billion) project, which will put a 1,100-megawatt power plant in Dover, 100 km northeast of New York City. That will make Jera its largest investor, the venture firm said Wednesday.

The plant is scheduled to begin commercial operation in 2020, selling electricity on the wholesale market. It is the first time for JERA, established in April 2015, to take part in a new power generation business overseas.

The Development Bank of Japan will invest 8 percent of the money required.