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Participation in Goreway Power Plant Project, Canada
- First power-generating facility in Canada for both companies -

2009-09-08

Chubu Electric Power Co., Inc. ("Chubu Electric"; Headquarters: Nagoya City; President: Toshio Mita) and Toyota Tsusho Corporation ("Toyota Tsusho"; Headquarters: Nagoya City; President: Junzo Shimizu) announced a decision to participate in the Goreway Power Plant Project (IPP*1) in Canada.
Chubu Electric and Toyota Tsusho have been making practical evaluations in preparation for their participation in this project, which had been led by Sithe Global Power, LLC ("Sithe Global"), the project developer from the United States managing the development and construction of the project. Participation by Chubu Electric and Toyota Tsusho was announced, with both obtaining 25% of the equity rights held by the subsidiaries of Sithe Global. The equity rights were transferred to the wholly owned subsidiaries of these companies.
This project involves the management of a power plant ("Goreway Power Plant") located in Brampton, Ontario, about 35 kilometers northwest of Toronto, Ontario, the largest city in Canada, with sales of electric power going to the electric power distribution market in the province of Ontario (IESO*2) for 20 or more years. The operation of this power plant reached commercial operation in June this year.
The Goreway Power Plant sells electricity directly to the IESO and has entered into an Ontario Power Authority ("OPA") contract which provides for a stable revenue stream for 20 years from the start of commercial operation. 
Chubu Electric has been participating in projects around the Southeast Asia, North America and Qatar, designating the period leading up to FY2010 as their "Period of Development for Overseas Energy Business". Chubu Electric will continue to aggressively increase its overseas business, while considering the efficiency of business operation and risk management to take on this overseas operation.
Toyota Tsusho will enhance its overseas power projects, which have the potential to provide stable revenue over a long period of time. The company considers North America as one of the important markets in the field of electric power generation. Furthermore, the aggressive promotion of power projects will make use of natural gases, adopt superior systems, and utilize renewable energy sources throughout the world and into the future.

*1: Independent Power Producer
*2: Independent Electricity System Operator of Ontario, a non-profit organization established to operate the electric power distribution market in the Province of Ontario according to that province's laws.

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