May 7, 2019 / 3:45 AM / 19 days ago

Japan's Toyota Tsusho, JERA to sell Canada's Goreway power station for $289 million

TOKYO (Reuters) - Japan’s Toyota Tsusho Corp and JERA said on Tuesday they would sell their shares in the Goreway thermal power station in Ontario, Canada to Capital Power Corp for a total of about 32 billion yen ($289 million).

The transaction is expected to be completed in or around June this year, JERA, a fuel purchasing and thermal power generation joint venture of Tokyo Electric Power and Chubu Electric Power, said in a statement.

The deal reflected the companies’ constant reviews of their assets to optimize their portfolios, spokesmen for JERA and Toyota Tsusho said, adding that the sale would give each company about 16 billion yen.

The two Japanese companies have invested in the 875 megawatt gas combined cycle thermal power project since 2009 and currently own 50 percent stake each in the project.

Reporting by Yuka Obayashi; editing by Gopakumar Warrier

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