Japan’s JERA, a 50-50 joint venture between TEPCO Fuel & Power, a wholly owned subsidiary of Tokyo Electric Power Company, and Chubu Electric Power, has agreed to divest its stake in an Ohio natural gas power plant to Connecticut-based investment firm Strategic Value Partners, capitalizing on surging electricity demand driven by the state’s expanding data center footprint.
Strategic Value Partners disclosed it will acquire a 32% equity interest in Carroll County Energy, a 700-megawatt facility that began commercial operations in 2018. The transaction, expected to close in fiscal 2025, comes as financial terms remain undisclosed.
The sale reflects growing investor appetite for power generation assets in regions straining under data center expansion. Ohio electricity prices have climbed sharply this year, with Columbus residents seeing bills jump $27 during the summer months. The state faces an 800% surge in energy demand from data centers through 2030, according to recent industry projections.
Strategic Value Partners formed a partnership in 2024 with EverGen Power specifically to acquire North American power generation assets. The Greenwich-based firm has already purchased stakes in several gas-fired plants across the PJM Interconnection region this year, betting that existing generation capacity will grow more valuable as new supply struggles to keep pace with demand.
Carroll County Energy sells power into PJM, the nation’s largest wholesale electricity market, serving a consortium of owners including TIAA, Advanced Power, Ullico and Prudential.
