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GE and partners to provide project financing for 1,029MW power plant in USEBR Staff Writer Published 09 December 2015
GE has partnered with BNP Paribas, Citigroup and Mitsubishi UFJ Financial Group to provide financing for the construction and operation of the 1,029MW Caithness Moxie Freedom power plant in Luzerne County, Pennsylvania, US.
The partners arranged $592m senior secured credit facilities in support of the $800m project, which is expected to be one of the most efficient plants in the PJM Interconnection region.
PJM Interconnection is a regional transmission organization (RTO) which manages the wholesale electricity movement.
Gemma Power Systems is the engineering, procurement and construction contractor for the combined cycle natural gas-fired power plant project, which is owned by Moxie Energy and Caithness Energy.
Preferred equity investors in the project include Global Infrastructure Partners, John Hancock and First Reserve.
The facility is designed to generate electricity required to power approximately one million US homes.
In a separate deal, GE will be responsible for engineered equipment package (EEP) involving two 7HA.02
gas turbines, two steam turbines, the control system, associated equipment and a long-term services contract for the power plant.
GE Power gas power systems president and CEO Joe Mastrangelo said: "The technology inside our gas turbines comes from across the GE portfolio, and we also have world-class steam tail capability with the addition of Alstom to our business."
Construction of the facility is planned to commence this year and is due to be completed in 2018.
Caithness Energy president Leslie Gelber said: "Working with GE on both the technology and the financing helps us move forward with confidence in the construction and operation of the Caithness Moxie Freedom Project.
"GE's large, high efficiency 7HA.02 technology allows the project to capitalize on the abundance of low-cost natural gas in Pennsylvania and supports the PJM region's increased use of cleaner burning natural gas for power generation."
Image: GE-built 7HA.01 gas turbine at a factory in South Carolina, US. Photo: courtesy of General Electric.
Category: Financial group