Affiliates of Chubu Electric Power and Toyota Tsusho complete acquisition of Goreway Power Plant
March 01, 2011
On March 3, 2011, Sithe Global Power, a company owned by investors of The Blackstone Group, announced that its wholly-owned affiliate, Goreway Luxembourg Holdings S. à r. L., has sold its remaining 50% ownership interest in its Goreway Station to Chubu Electric Power Goreway and Toyota Tsusho Goreway Netherlands. The Goreway Station, which achieved commercial operations in June 2009, was developed, financed and operated by Sithe Global. Chubu and TTC each purchased 25% of Goreway Station in September 2009. Chubu and TTC will take over operations of the facility and be the sole owners of the project and its “accelerated clean energy” supply contract with the Ontario Power Authority.
Goreway Station is a 875MW combined cycle power generating facility in Brampton, Ontario.
Sithe Global is a privately held international independent power development company which focuses on certain target markets in North and South America, Europe, Africa and the Middle East.
Chubu Electric Power Goreway is a wholly-owned subsidiary of Chubu Electric Power Company. Chubu Electric Power, headquartered in Higashi-ku, Nagoya, Japan, is an electric utilities provider in Japan.
Toyota Tsusho Goreway Netherlands is a wholly-owned subsidiary of Toyota Tsusho Corporation. Toyota Tsusho, headquartered in Nagoya and Tokyo, Japan, has a worldwide presence through its many subsidiaries and operating divisions, including over 150 offices, and 900 subsidiaries and affiliates around the world. Its main business is supporting Toyota Motor's automobile business and other Toyota Group companies, but Toyota Tsusho's business is very diverse, spanning industrial, commercial, and consumer sectors.
McCarthy Tétrault LLP acted for Chubu Electric Power and Toyota Tsusho jointly in the acquisition with a team that was led by Harold Huber and Suzanne Murphy.