Sumitomo Corp. has announced that it has acquired a 70% stake in the project company which owns and operates the Kwinana power plant in Australia. The Kwinana power plant is a 320MW natural gas-fired combined-cycle power plant which is located nearby Perth and has been in good operation since its commissioning in November 2008. Power produced in the Kwinana power plant is sold to Synergy based on a long-term off take agreement. The project company stake was originally owned 70% by Babcock & Brown Power Ltd and 30% by ERM Power. Sumitomo acquired the 70% stake, which was originally owned by BBP through Summit Southern Cross Power Pty Ltd, which is the holding company totally owned by Sumitomo.
