PVTIME – Electric Power Development Co., Ltd. (headquartered in Chuo–ku, Tokyo; Toshifumi Watanabe, President, hereafter “J–POWER”) announced that it has executed a Joint Development Agreement (“Agreement”) with Fortress Investment Group, LLC (“Fortress”) for new solar generation and energy storage projects through its 100%–owned subsidiary J–POWER USA Development Co., Ltd. (“J–POWER USA”).
The purpose of the agreement is to cooperate in developing solar generation and energy storage projects in Virginia after closing Birchwood Power in March 2021, which is the coal–fired power plan and J–POWER has owned 50% of interest since 2007.
The Project is J–POWER’s third solar projects in the United States.
J–POWER continues to pursue the growth of overseas power generation businesses including renewables.
The Project’s expected solar generation capacity is 50MW and energy storage capacity is 190MW. Construction of the Project is set to begin in 2022 and the expected to reach commercial operation in 2023.