Hickory Run Energy Commences Commercial Operations May 18, 2020

Hickory Run Energy Commences Commercial Operations May 18, 2020

OVERLAND PARK, KS –

Tyr Energy, Inc. (Tyr Energy), ITOCHU Corporation (ITOCHU), Kansai Electric Power Co., Inc. (Kansai) and Siemens Financial Services, Inc. (Siemens) announced today that the Hickory Run Energy Center, LLC Power Plant (Hickory Run) began commercial operations in May. Hickory Run is a nominal 1,000 megawatt (MW) natural gas power plant located near North Beaver Township, Lawrence County, approximately 45 miles northwest of Pittsburgh, PA.

Tyr Energy led development of the project, including permitting, major equipment and contractor selection, PJM interconnection and market participation, fuel supply and financing. Kiewit Power Constructors Co. (Kiewit) was the lead engineering, procurement and construction contractor for the project. BNP Paribas Securities Corp., Bank of America Merrill Lynch and Crédit Agricole Corporate and Investment Bank, together with Mitsubishi UFJ Financial Group, Development Bank of Japan, Sumitomo Mitsui Banking Corporation, ABN AMRO, National Australia Bank, and Shinhan Bank, acted as the coordinating lead arrangers.

Tyr Energy, LLC provides all asset management services and oversees energy management. NAES Corporation (NAES), a Tyr affiliate, will provide operations and maintenance (O&M) services to the project, employing approximately 23 full time individuals locally.

“Tyr Energy is proud to formally announce the commercial operation of the Hickory Run Energy Center,” said Garrick Venteicher, President and Chief Executive Officer of Tyr Energy. “We are pleased to have collaborated with two world class partners, Kiewit Power and Siemens, to bring this important energy infrastructure project to completion. In addition, I can’t say enough about the support we received from Lawrence County and the local community. The highly skilled workforce from the surrounding area has been outstanding. We look forward to building on these relationships in the years ahead.”

“We are delighted that we contributed to this significant milestone of Hickory Run in collaboration with Tyr Energy and Siemens”, said Hiroshi Nakajima, Managing Executive Officer, in charge of International Business and Cooperation. “Hickory Run is our first greenfield project in North America, which we recognize as one of the most important power markets. Kansai is committed to expanding its power business overseas by making active use of the technological strength and expertise cultivated throughout our company’s history.”

Primary equipment includes two Siemens SGT6-8000H gas turbine generators, two heat recovery steam generators (HRSGs), and a Siemens steam turbine generator. Hickory Run will produce enough electricity for approximately one million households, through the PJM market, the largest power wholesale market in United States. “We are proud to be a part of this project with Tyr Energy and Kansai, adding efficient, clean and reliable energy to the PJM region’s energy supply with our proven combined-cycle technology,” said John Gibson, Executive VP and Head of Sales; North America, Siemens Energy.

Hickory Run is constructed with state-of-the-art emission control technology comprised of selective catalytic reduction for NOx control, and an oxidation catalyst for the reduction of CO and VOC. The project also made a significant investment to protect and improve the water quality of the Mahoning River. Hickory Run reclaims treated municipal wastewater from the New Castle Sanitation Authority Unrestricted treatment facility. This beneficial reuse of reclaimed wastewater enhances the local and downstream environment. Revenue generated by the sale of the reclaimed wastewater to Hickory Run Energy will provide a sustainable source of income to the New Castle Sanitation Authority allowing for system upgrades and maintenance, which over time should improve the quality of the reclaimed water.

About Tyr Energy

Tyr Energy represents the North American cornerstone of the ITOCHU global electric power strategy, focused on clean and renewable generation and technology solutions. Tyr Energy currently holds interests in seventeen operating electric generation projects with gross capacity of approximately 7,500 MW, including renewable capacity of approximately 400 MW. Tyr Energy is active in the development, acquisition and financing of electric power assets and provides comprehensive asset management and oversight services to power generation and electric utility companies. Its affiliate NAES also provides operations and maintenance (O&M) services throughout the industry. More information about Tyr is available at http://www.tyrenergy.com/

About Kansai

Kansai Electric Power Co., Inc. is the leading utility in Japan with a track record of innovation and leadership in the industry holding over 32GW of generation capacity in Japan. Kansai currently participates in 19 overseas projects in power generation and transmission across 12 countries worldwide including Asia, Europe and the U.S. by utilizing the experience and expertise cultivated in our international business for more than 20 years. More information about Kansai is available at https://www.kepco.co.jp/english

About Siemens

Siemens Financial Services (SFS) – the financing arm of Siemens – provides business-to-business financial solutions. Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries. Through the separately managed companies Siemens Energy, the global energy business of Siemens, and Siemens Mobility, a leading supplier of smart mobility solutions for rail and road transport, Siemens is shaping the energy systems of today and tomorrow as well as the world market for passenger and freight services. Due to its majority stakes in the publicly listed companies Siemens Healthineers AG and Siemens Gamesa Renewable Energy (as part of Siemens Energy), Siemens is also a world-leading supplier of medical technology and digital healthcare services as well as environmentally friendly solutions for onshore and offshore wind power generation. In fiscal 2019, which ended on September 30, 2019, Siemens generated revenue of €86.8 billion and net income of €5.6 billion. At the end of September 2019, the company had around 385,000 employees worldwide. Further information is available on the Internet www.siemens.com.