Perennial Power Holdings Inc. announced that it had acquired 100 percent of the ownership interests in the Mid-Georgia Cogeneration facility from Atlantic Power Corporation and Northern Star Generation LLC. Perennial Power is a subsidiary of Sumitomo Corporation and Sumitomo Corporation of America.
Mid-Georgia Cogen is a 300-megawatt dual-fuel, combined cycle cogeneration project located in Kathleen, Ga. The project sells electricity under a long-term contract to Georgia Power Corporation and sells steam under a long-term contract to Frito-Lay Inc. As of closing, Perennial Power assumed the operations and maintenance responsibilities of the facility and retained all employees of the facility.
"We are pleased to welcome the employees of the Mid-Georgia facility into the Perennial family," said Ken Kageyama, president. "Mid-Georgia facility is just the first of several acquisitions we hope to make in North America as we grow our portfolio. The Mid-Georgia facility will integrate well into our global portfolio and we look forward to the next opportunity."
Perennial Power is a part of the Sumitomo's global power portfolio totaling over 5,000 MW of net equity capacity. Sumitomo has a target to grow its portfolio to 6,300 MW of net equity capacity by 2011, and is focused on acquiring and developing generation stations in North America, Asia, Australia and the Middle East. This follows recent acquisitions by Sumitomo, including interest in the 320 MW Kwinana project in Australia and the 1,500 MW Shuweihat 1 project in the United Arab Emirates.
Sumitomo is also active in renewable energy and recently entered the U.S. wind energy business with the purchase of an interest in the 120 MW Stanton wind farm in Martin County, Texas. Additionally, Sumitomo developed two wind farms operating in Japan, and one project in China, and has an utility scale solar project in Spain.
About Perennial Power
Perennial Power owns, operates and manages power plants in North America and provides technical and advisory services to power generation projects in Sumitomo's global portfolio. Perennial Power has 570 MW net equity capacity in the U.S. and operates two of the facilities in its portfolio. Perennial Power is actively seeking to acquire clean burning natural gas and compliant modern coal generation in North America.
