Competitive Power Ventures has closed on the financing for its gas-fired Three Rivers Energy Center project in Illinois.
CPV partnered with GE Energy Finance Services, Osaka Gas USA, Axium Infrastructure and Harrison Street. Three Rivers Energy Center attracted $1.3 billion in private investment.
The planned 1,250-MW combined cycle gas turbine facility will use GE’s HA turbine technologies and sell its power into the PJM Interconnection market.
Kiewit is lead contractor on construction which should begin soon. Three Rivers Energy Center is expected to begin commercial operation in 2023.
The project would be Maryland-based CPV’s biggest power plant to date.
“Achieving financial close for CPV Three Rivers during a global pandemic and with commitments from 14 international lenders is a testament to CPV’s successful track record developing, financing, constructing, and operating safe, reliable, cost-effective and environmentally responsible power generation facilities,” said CPV CFO Paul Buckovich. “We’re grateful for the trust our lenders have placed in us to deliver.”
The plant will feature combustion turbines, two heat recovery systems and two steam turbines. The operational flexibility will allow Three Rivers to quickly respond to grid needs and help support the growing deployment of intermittent renewable generation, according to the company.
“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.”
On the financial and infrastructural side, CPV and GE together have closed six projects totaling more than 4,000 MW and $4 billion of investment, according to reports.
CPV owns interest in more than 4.2 GW of power generation across the U.S. Its asset management division manages more than 9,300 MW of fossil and renewable power sites in nine states.
Global Infrastructure Partners is principal owner of Competitive Power Ventures.
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Gas-fired turbines and technologies will be part of the content offered at POWERGEN International happening March 30-April 1 in Orlando.