1250 MW Power Plant Project Secures Financing
By Jack Burke25 August 2020
Developers of the Three River Energy Center, a 1250 MW natural gas-fueled combined cycle generation facility, have finalized financing for the project.
Competitive Power Ventures (CPV), in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street, announced the financing deal for the project in Morris, Illinois, USA. The project represents over US$1.3 billion in private investment, including US$875 million of senior credit facilities arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from the equity partners.
The facility will use two GE 7HA.02 gas turbines, which achieve an efficiency of greater than 64%. The facility will sell its power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago. Construction, which is led by Kiewit Power Constructors Co., will commence shortly and commercial operation is expected to begin in 2023. CPV Three Rivers is CPV’s largest project to date.
“CPV is pleased to announce the financing of CPV Three Rivers, continuing our string of success in bringing another state-of-the-art electric generating project that will modernize the nation’s electric grid by generating safe, reliable, cost-effective and environmentally responsible electric power. This project located in Illinois and will serve the PJM market for years to come,” said CPV CEO Gary Lambert. “While the pandemic posed challenges throughout this process, we are thankful to our partners, lenders and host community for their perseverance and confidence in the success of this project.”
The plant will incorporate two combustion turbines, two heat recovery systems and two steam turbines in order to maximize efficiency. The facility is designed to have operational flexibility to quickly respond to demand changes introduced with the growing deployment of renewable generation.
“GE is honored to continue its relationship with Competitive Power Ventures by supplying advanced gas technology for CPV’s third HA-powered facility,” said Scott Strazik, president and CEO of GE’s Gas Power business. “Our relationship with CPV is built on proven results, and we are proud to be able to provide state-of-the-art technology, services and strategic financing to help develop complex projects like Three Rivers, which will provide reliable, affordable, and sustainable electricity to CPV’s customers.”