NTE Energy has agreed to purchase a portion of the power produced by the 475-MW Kings Mountain Energy Center, a natural gas-fired combined cycle power plant in North Carolina.
“This agreement represents the culmination of almost two years of work by the City and NTE to develop a groundbreaking public private partnership surrounding the development of the Kings Mountain Energy Center,” said Seth Shortlidge, chief executive officer and president of NTE Energy. “We are extremely proud to be working with Kings Mountain and our other prospective customers to develop one the most economical, reliable and clean sources of energy in the Carolinas.”
On October 28, the North Carolina Utilities Commission granted a certificate of public convenience and necessity for the construction of the facility. Construction is scheduled to begin in the second-quarter 2015, and is expected to reach commercial operation in the first-quarter 2018.
In July 2014, NTE Energy secured an equity investment from Capital Dynamics and Wattage Finance, LLC for three natural gas plants. The total investment is valued at more than $1.1 billion.
“We are proud to partner with NTE Energy for wholesale electric power for 20 years beginning in 2019. Kings Mountain is an environmentally friendly community,” said Rick Murphrey, mayor of the city of Kings Mountain. “NTE Energy will produce the cleanest and most efficient source of energy, reducing our carbon footprint. The partnership will stabilize our rates and provide savings to our customers. The agreement will be a catalyst to position Kings Mountain for future residential and industrial growth promoting new job opportunities.”
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