Advanced Power has secured financing for the construction of $1.584bn Cricket Valley Energy Center in Dover, New York, US.
The 1,100MW combined-cycle natural gas electric generating facility is strategically located adjacent to the Iroquois natural gas pipeline.
Equity commitment of $709m for the project has been secured from investors including Advanced Power; JERA, TIAA Investments; BlackRock Financial Management; Development Bank of Japan; and NongHyup Financial Group.
Additional $875m in funded debt facilities are being provided by GE Energy Financial Services; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Bank of America; CIT BANK; Industrial Bank of Korea; Shinhan Bank, New York Branch; Industrial and Commercial Bank of China, New York Branch; NongHyup Financial; National Australia Bank; Siemens Financial Services; and Sumitomo Mitsui Banking.
Scheduled to be commissioned in 2020, the facility is owned by JERA, TIAA Investments, Advanced Power, BlackRock Financial Management, Development Bank of Japan and NongHyup Financial Group.
JERA is equally owned by Chubu Electric Power Company and TEPCO Fuel & Power.
Cricket Valley Energy Center project manager Robert E De Meyere said: “Cricket Valley Energy Center will revitalize a dormant industrial site, create jobs, and generate tax revenue for the Town of Dover in Dutchess County and the State.”
Energy, capacity, and ancillary services from the Cricket Valley Energy Center will be sold to New York Independent System Operator (NYISO) energy market with interconnection through Con Edison’s nearby 345kV transmission line.
Featuring General Electric (GE) natural gas turbines, the facility will generate electricity required to power one million homes in the Hudson Valley.
Each of the each of the GE gas turbines comprises a heat recovery steam generator and steam turbine generator.
Bechtel will be the engineering, procurement, and construction contractor for the power plant, which is expected to create 1,100 jobs during construction phase.
Advanced Power will serve as the construction and asset manager.
Image: Illustration of Cricket Valley Energy Center in New York, US. Photo: courtesy of Bechtel Corporation.