J-POWER Acquires 49.5 Percent of 242-Megawatt Birchwood Power Plant in King George...

J-POWER Acquires 49.5 Percent of 242-Megawatt Birchwood Power Plant in King
George County, VA, Co-investing With GE Unit

CHICAGO and KING GEORGE, Va., May 8 /PRNewswire/ -- J-POWER USA
Development Co, Ltd. is co-investing in a 242-megawatt power plant owned by an
affiliate of GE Energy Financial Services, GE's energy investing arm. J-POWER
USA is purchasing a 49.5 percent equity interest in Birchwood Power Partners,
L.P., from the affiliate of the GE unit that retains 50.5 percent. J-POWER USA
intends to purchase an additional 0.5% interest from the GE unit in
approximately 1 year. With state-of-the-art emission controls, the efficient,
coal-fired baseload Birchwood Power Plant in King George County, Virginia
sells its output under a long-term power purchase and operating agreement with
Virginia Electric and Power Company. A GE Energy unit operates and maintains
the plant. Financial details were not disclosed.
This is the fourth investment by J-POWER USA in the US power market. "The
Birchwood acquisition is consistent with our strategy of investing in and
developing power generating facilities where the output is contracted with
creditworthy counterparties," stated John Salyer, President and CEO of J-POWER
USA. "As our first US investment in coal-fired generation, we will partner
with GE Energy Financial Services in one of the most efficient coal-fired
generating facilities of its type in the United States," Salyer continued.
"Birchwood Power has a bright future thanks to its strategic location serving
the growing demands of the regional power market."
Electric Power Development Co Ltd., the parent company of J-POWER USA with
headquarters in Japan, has extensive experience in owning and operating
coal-fired generation facilities in Japan. Its seven facilities in Japan
represent approximately 21 percent of nationwide output of coal-fired
generation, the largest share owned by one company.
The Birchwood Power Facility commenced operations in 1996. It is operated
by more than 60 professionals from GE Energy's power plant operating unit and
maintains an excellent safety record, with more than 400 days without an OSHA
recordable incident. In addition, the Wildlife Habitat Council honored
Birchwood Power for its contributions to wildlife habitat conservation,
bestowing its "Wildlife at Work" two-year certification in 2003, 2005 and
2007. Approximately 260 of the Birchwood Power site's 360 total acres are
maintained as grassland and forest available to wildlife.
Dexia Global Structured Finance served as financial advisor and Baker &
McKenzie served as legal advisor to J-POWER USA.
About J-POWER USA
J-POWER USA Development Co., Ltd. is a wholly owned subsidiary of J-POWER
North America Holdings Co., Ltd. which is a wholly owned subsidiary of
Electric Power Development Co, Ltd. ("J-POWER") with headquarters located in
Tokyo Japan. J-POWER stock is listed on the Tokyo Stock Exchange. In FY 2007,
J-POWER had revenues of US$5.9 billion and assets of approximately US$20.1
billion. J-POWER Group, with 20,000 megawatts net ownership, is one of the
world's largest independent generators of electricity with approximately
17,000 megawatts of installed capacity in Japan and 3,000 megawatts of net
installed capacity in other world markets. J-POWER USA has a long-term
strategy to acquire, develop, finance and operate power generation facilities
in the United States.
SOURCE J-POWER USA Development Co, Ltd.

John W. Salyer, President, Chief Executive Officer, +1-847-908-2801,
jsalyer@jpowerusa.com, or Hirofumi Kasa, Sr Vice President, Chief Operating
Officer, +1-847-908-2820, hkasa@jpowerusa.com, or Mark Condon, Vice President,
Chief Financial Officer, +1-847-908-2828, mcondon@jpowerusa.com, all of
J-POWER USA Development Co, Ltd.