Gulf Energy Development Public Company Limited (SET: GULF) announced on Friday that it has established Gulf Energy USA, LLC (Gulf USA), the company’s wholly owned subsidiary registered in the United States of America, and Gulf USA has entered into a Purchase and Sale Agreement with J-POWER Jackson Partners, LLC (Jackson Partners) to acquire a 49% equity stake in Jackson Generation, LLC (Jackson Generation) with an investment value of USD 409.6 million.
The transaction is subject to customary closing conditions, in particular the receipt of required regulatory approvals, and is expected to complete within December 2022.
Jackson Generation is a 1,200-megawatt gas-fired power project located in Will County, Illinois, USA that commenced commercial operation on May 4, 2022. Jackson Generation uses state-of-theart combined-cycle gas turbine technology to provide the highest efficiency while producing the lowest greenhouse gas emissions of any natural gas-fired power plant in the United States. It supplies electricity to the Pennsylvania-New Jersey-Maryland Interconnection (PJM), which is a regional transmission organization with the highest reliability and electricity demand in the United States, coordinating the movement of wholesale electricity in 13 states and the District of Columbia.
Currently, Jackson Generation is wholly owned by Jackson Partners under J-POWER Group, which is one of the world’s largest independent electricity producers and a joint venture partner in the company’s gas-fired power projects under Gulf JP Group.
The investment in Jackson Generation marks GULF’s first step into the U.S. energy market and is aligned with the company’s commitment to enhance energy security through the provision of reliable, low-cost electricity through the energy transition towards a low-carbon society. Furthermore, the company will be able to recognize profits immediately since Jackson Generation has already begun commercial operation.