Hill Top Energy Center lead owner Ares Managemant is selling a 42 percent stake in the planned Pennsylvania gas-fired project to another private investment firm.
Ardian Infrastructure’s acquisition of a 41.9-percent interest in Hill Top makes it a third partner in the deal along with the Ares funds and Menora Mivtachim Insurance. The 620-MW Hill Top is being built in Nemacolin, Pennsylvania.
“We are excited to make an investment in this state of the art project,“ said Ardian Infrastructure US co-head Mark Voccola about the combined-cycle plant project. “We are thrilled to be working with an experienced management team alongside experienced investors, Ares and Menora Mivtachim Insurance, on this transaction, which will bring efficient, low-cost, natural-gas fired power to a vital energy market.”
Kiewit is the construction firm on the project, while GE will deliver and integrate 7HA.02 gas turbines into the combined cycle facility. Hill Top Energy Center will sell its output into the PJM Interconnection once construction and commissioning are completed sometime in 2021, according to reports.
No financial terms were disclosed when the Ardian-Ares deal was announced.
Pennsylvania, the traditional birthplace of the modern oil industry, has gained a resurgence in natural gas reserves thanks to the prolific Marcellus and Utica shale plays. Natural gas production topped 6 trillion cubic feet for the first time last year, according to reports such as Natural Gas Intelligence.
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Gas-fired turbines and Plants and natural gas infrastructure will be part of the content both upstairs at the Summit and in the Knowledge Hubs on the exhibit floor at POWERGEN International. POWERGEN is Nov. 19-21 in New Orleans.