EmberClear Corp. (TSXV: EMB) has formed a 50:50 partnership with Tyr Energy, Inc., a subsidiary of ITOCHU Corporation, to complete the development of the Good Spring I & II natural gas combined cycle (NGCC) power plants. The projects are located in Schuylkill County, northeastern Pennsylvania and each project is planned to produce 337 megawatts of electricity for the PJM electricity market.
Pursuant to the terms of the partnership, Tyr Energy has purchased a 50 percent stake in the Good Spring I & II NGCC power projects with an option to buy the remaining 50 percent interest in each project when construction on each begins.
Good Spring I is in the final stages of development and may begin construction as early as June 2014.
“EmberClear’s development capability and Tyr Energy’s power origination and portfolio management expertise will create a great platform to grow in the emerging Marcellus gas play and other fast developing energy markets,” said Nick Cohen, Chief Operating Officer, EmberClear. “The use of abundant natural gas with a high efficiency power plant assures that low cost reliable power can benefit the region. The projects have the potential to create hundreds of jobs and establish a new incentive for companies to locate in the Schuylkill County area.”