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21 October 2005 - The PIC companies have formed a joint venture with the Japanese company Marubeni to operate and maintain power plants across the world.

PIC will maintain majority equity and management control of the venture, which will trade under the name PIC-Marubeni Energy Group.

A statement from PIC detailed that the new venture would combine PIC's existing Operations and Maintenance business with Marubeni's global development and operational expertise.

Marubeni currently operates 20 generators in 14 different countries. Its portfolio includes wind, hydro and geothermal as well as conventional fossil fuelled thermal plants, reciprocating engines and combustion turbine facilities.

Chairman of PIC, James Flandreau, said: "The O&M partnership supports Marubeni's strategy of owning and operating power generation facilities worldwide, with strong near term emphasis in the Americas."

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