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Energy company buying power plant for $93M
The U.S. subsidiary of a Japanese company has agreed to purchase a West Michigan power plant.
Osaka Gas USA, part of Osaka Gas Co. Ltd., said it plans to acquire all shares in Michigan Power.
Osaka Gas will purchase the Ludington-based power plant from Wolverine Power Holdings, an affiliate of Rockland Capital in The Woodlands, Texas.
The deal is worth over $93 million, according to a post last month by Reuters.
Michigan Power is a roughly 125-MW natural gas-fired power plant that has been in operation since 1995.
The facility provides electricity to Consumers Energy and also sells steam to a neighboring calcium chloride manufacturing plant on a long-term contractual basis.
Bracewell, a legal firm out of Houston, is representing Wolverine Power Holdings and Rockland Capital. The firm said the transaction is pending government approval.