Advanced Power has sold its 15% membership interest in South Field Energy to ENEOS Power, an affiliate of JXTG Nippon Oil and Energy, a Japan-based oil and energy company.
Advanced Power said that the South Field Energy owns an approximately 1,182MW low-carbon natural gas-fired combined cycle electric generating facility in Columbiana County, Ohio.
The Ohio-based Natural gas-fired generating facility is currently under construction and is expected to start commercial operation for mid-2021.
Once operational, South Field Energy is expected to sell the capacity and energy into PJM, the largest regional transmission organization within the United States.
South Field Energy was developed by Advanced Power, a owner and manager of low-carbon electric generating facilities in North America and Europe. Financial closure for the power project was reached in August 2018.
Apart from South Field Energy, Advanced Power has also developed, financed and now manages approximately 700MW Carroll County Energy project in Carroll County, Ohio, and approximately 1,100 MW Cricket Valley Energy project in Dover, New York.
Advanced Power CEO Thomas Spang said: “Advanced Power is very pleased that JXTG, through its affiliate ENEOS, has chosen to partner with Advanced Power and join the South Field Energy investor group, along with Advanced Power, Bechtel, Development Bank of Japan, Kyushu Electric Power, NH-Amundi Asset Management, PIA Asset Management, Shikoku Electric Power and Showa Shell Sekiyu.
“This investment by JXTG, one of Japan’s largest oil and gas, energy and metals companies, is another vote of confidence in Advanced Power and South Field Energy, which is designed to be among the cleanest, most efficient and most reliable low-carbon electricity producers of its kind.”
South Field Energy is expected to sell the energy, capacity and ancillary services into the PJM market and Advanced Power, which led the development of the facility, is the construction and asset manager for South Field Energy.
Bechtel, a design and execution company for complex power projects, would carry out the engineering, procurement and construction of South Field Energy.
South Field Energy would deploy two General Electric 7HA gas turbines, each with an associated GE heat recovery steam generator and steam turbine generator.
South Field Energy is expected to generate approximately 1,000 jobs during its peak construction period and would produce adequate electricity to power approximately one million homes.