Three years in the planning, Advanced Power announced that it has achieved all of the $1.3 billion in financing needed to build a 1,182-MW gas turbine combined-cycle power plant in Ohio within the next two years.
Advanced Power has closed on funding for the South Field Energy project. The facility will be located in Columbiana County and use two GE gas turbines both equipped with heat recovery steam generators.
Construction on South Field Energy should be completed by the second quarter of 2021. Bechtel is handling engineering, procurement and construction duties on the project.
“Advanced Power is proud to have delivered the South Field Energy project,” said Thomas Spang, Advanced Power’s CEO, in a statement. “The community has supported South Field Energy from the beginning. The environmental, economic and regional tax-based benefits are clear and well understood. The community has worked closely with us and we are pleased to be able to deliver our second major project in Ohio and third major project in the United States.”
The power generated by the independent facility will be sold into the PJM Interconnection market. Advanced Power also has worked on the 700-MW Carroll County power plant in Ohio and the 1,100-MW Cricket Valley facility under construction in Dover, New York.
South Field Energy is owned by Advanced Power and an investor group consisting of Kyushu Electric Power Co., Inc., NH-Amundi Asset Management and PIA Investment Management, RS Global Capital Investment LLC (a joint venture between Development Bank of Japan and Showa Shell Sekiyu K.K.), Shikoku Electric Power Co., Inc., and an affiliate of Bechtel Development Company, Inc. Crédit Agricole Corporate and Investment Bank, CIT Group Inc., GE Energy Financial Services, NH Investment & Securities Co. and 10 other commercial banks are providing senior secured credit plus other credit facilities.
Advanced Power is a global energy infrastructure firm with U.S. headquarters in Boston.