IHI Inc. goes into biomass energy
Japanese energy company IHI Inc has taken over majority ownership in five biomass power plants located in California.
IHI Inc acquired a 50% stake in four Rio Bravo power plants from Chicago-based Exelon Corporation, and a 45% stake in the Chinese Station plant from Covanta Corporation.
The five plants have a combined electricity generating capacity of some 70 megawatts.
All five facilities have been designated by the Federal Energy Regulatory Commission as qualified renewable energy generation plants. Each has a power purchase agreement already in place with investor-owned utilities.
CEO Mikio Mochizuki said the acquisition is an important step for the company. “This acquisition forms a solid platform for IHI’s further expansion into the energy services business in North America, which is a key element of our global growth.”
According to IHI, all five facilities already have experienced workforces and the current employees at the plant will be rehired by the new company.
IHI, Inc. is a subsidiary of IHI Corporation that produces ships, aero-engines, automobile turbochargers, industrial machines, power station boilers, suspension bridges and other transport-related machinery.