Advanced Power has secured financing for the construction of a fully permitted 1,182 MW combined-cycle natural gas electric generating facility located in Columbiana County, Ohio.
The financing will be provided in the form of senior secured credit plus other credit facilities by several commercial banks that include Crédit Agricole Corporate and Investment Bank, CIT Group, and GE Energy Financial Services, among others.
The facility known as South Field Energy will be owned by Advanced Power and an investor group.
The investor group consists of Kyushu Electric Power, NH-Amundi Asset Management and PIA Investment Management, RS Global Capital Investment, Shikoku Electric Power, and an affiliate of Bechtel Development Company.
South Field Energy will sell energy, capacity and ancillary services into the PJM market. It will be managed by Advanced Power.
South Field Energy’s project manager Zachary Gordon said: “The South Field Energy project will create jobs and bring significant economic benefits to the Village of Wellsville, Columbiana County and the State.
“I am grateful to the Columbiana County community for its continued support in bringing this project to fruition. We look forward to starting construction and ultimately providing electricity from a facility that will be among the cleanest and most efficient of its kind.”
The engineering, procurement and construction (EPC) part of the energy center will be undertaken by Bechtel.
Bechtel had also secured EPC contract for the construction of 1.1GW Cricket Valley Energy Center, which is a natural gas-fired thermal power generation project in New York State.
Construction of South Field Energy is expected to be completed in the second quarter of 2021.
During the peak construction period, the project is estimated to create nearly 1,000 jobs. Advanced Power will act as the construction and asset manager for the project.
The plant will use two General Electric gas turbines, each with a heat recovery steam generator and steam turbine generator.
Power generated by the facility will be sufficient to power approximately one million homes.
In January, Advanced Power announced the start of commercial operations at the 700MW gas-fired plant in Carroll County in northeastern Ohio.