JERA Americas, the subsidiary of global energy firm JERA, has agreed to acquire a 1,633-megawatt thermal power portfolio from alternative investment firm Stonepeak. The financial terms were not disclosed.

The portfolio consists of four thermal power generating facilities in New England. Canal 1 (566 MW), Canal 2 (559 MW), and Canal 3 (333 MW) are based in Sandwich, Massachusetts on Cape Cod. Bucksport (175 MW) is in Bucksport, Maine.

The acquisition is part of JERA Americas’ strategy to transition to greener forms of energy. Its parent company JERA plans to achieve net zero carbon emission electricity by 2050. The firm is pursuing commercially viable decarbonization including low carbon biofuels and renewable projects. Thermal power facilities will position JERA to further its strategy for the clean energy transition.

Steven Winn, JERA Americas Chief Executive Officer said, “The transition to net zero CO2 emissions energy is a multi-step process demanding emission reductions on many fronts with several different technologies. Securing these assets will allow us to reduce CO2 emissions from the existing facilities, and use these locations as a foothold for supporting largescale renewable energy facilities and technologies.”

Stonepeak was advised by J.P. Morgan Securities LLC.