ITOCHU subsidiary, Tyr Energy has purchased a 50% stake in the Good Spring I & II power projects, pursuant to the terms of the partnership, along with an option to buy the remaining 50% interest in each project when construction starts.

Located in Schuylkill County, northeastern Pennsylvania, US, Good Spring I & II power plants are planned to produce 337MW of electricity for the Pennsylvania and New Jersey (PJM) electricity market.

EmberClear chief operating officer Nick Cohen said the use of abundant natural gas with a high efficiency power plant ensures 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," Cohen added.

Tyr Energy senior vice president Jeff Corder said, "Tyr Energy recognized an opportunity to own competitively positioned gas combined cycle power plants to serve the growth markets of eastern Pennsylvania and New Jersey."

Good Spring I plant is in the final stages of development, and the construction is expected to start as early as June 2014.