Competitive Power Ventures (CPV) and its partners have secured financing for its 1,250MW CPV Three Rivers Energy Center in Grundy County, Illinois.

The partners include GE Energy Financial Services, a subsidiary of General Electric, Osaka Gas USA, a subsidiary of Japanese gas company Osaka Gas and real estate investment management company Harrison Street.

CPV Three Rivers is a natural-gas-fueled, combined-cycle electric generation facility to be located in Goose Lake Township, Grundy County, Illinois.

Once operational in 2023, the project is expected to generate enough electricity to power over 1.25 million homes and businesses.

The combined-cycle electric generation project, which is CPV’s largest project to date. involves more than $1.3bn private investment.

Construction of the facility will be led by Kiewit Power Constructors.

CPV Three Rivers will feature combustion turbines, heat recovery systems and steam turbines

CPV chief financial officer Paul Buckovich said: “Achieving financial close for CPV Three Rivers during a global pandemic and with commitments from 14 international lenders is a testament to CPV’s successful track record developing, financing, constructing, and operating safe, reliable, cost-effective and environmentally responsible power generation facilities.”

The facility will be equipped with two combustion turbines, two heat recovery systems generators and two steam turbines to maximize efficiency.

CPV Three Rivers is expected to employ more than 500 people during the construction phase and create 25 full-time personnel and around 75 additional jobs to provide on-going services to the facility.

In December last year, CPV and Osaka Gas have started commercial operations on the 1,050MW CPV Fairview Energy Center (CPV Fairview), a combined-cycle gas fired power plant in Jackson Township near Johnstown, Pennsylvania.