Gulf Energy Development Public Company Limited (SET: GULF) announced on Tuesday that, according to the company’s subsidiary in the United States of America, Gulf USA’s had 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 on September 9, 2022.
Recently, on February 27, 2023, Gulf USA fulfilled the customary closing conditions under the aforementioned purchase and sale agreement and successfully acquired the shares of Jackson Generation as well as becoming its official shareholder.
Jackson Generation is a 1,200-megawatt gas-fired power project located in Will County, Illinois, USA. The company uses state-of-the art combined-cycle gas turbine technology to provide the highest efficiency while producing the lowest greenhouse gas emissions in the United States.
The plant 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.