- New Order Highlights Strength of GE Store: Competitive Power Ventures Works with GE Energy Financial Services on Financing, GE Power on Equipment
- CPV Towantic Energy Center in Oxford, CT, Will Add 785 MW to the Grid, the Equivalent Power Needed to Supply Nearly 800,000 US Homes
- Privately Financed, Combined-Cycle Facility to Also Fuel Job Creation, Economic Progress, Environmental Improvement for Connecticut
SCHENECTADY, N.Y.-March 28, 2016-There’s cleaner energy in store for Connecticut, supported by the power of the GE Store. This global knowledge exchange within GE (NYSE:GE) cleared the path for Competitive Power Ventures (CPV) to order two 7HA.01 gas turbines and the associated engineered equipment package from GE Power, while also working with partner GE Energy Financial Services to secure financing for the 785-megawatt (MW) CPV Towantic project.
The approximate $753 million debt financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of 16 lenders participating in the financing.
”GE has been an excellent partner in helping bring this advanced electric power generating facility with world-class technology to Connecticut,” said Gary Lambert, president and CEO, CPV. “The economic, energy and environmental benefits from this project will accrue to the region for decades to come.”
CPV Towantic will be powered by two of GE’s 7HA.01 heavy-duty gas turbines with a steam turbine and associated generators. The 785-MW combined cycle plant will be able to provide the equivalent power needed to supply approximately 800,000 US homes. GE’s 7HA technology is the world’s largest, most efficient 60 Hz gas turbine. It provides high power density, fuel flexibility, lower emissions and fast ramping to complement the intermittent nature of renewable energy. In terms of fuel flexibility - an important consideration during cold Connecticut winters - the plant will be primarily fueled by natural gas, with ultra-low sulfur distillate used as a backup fuel.
“CPV can generate cleaner and more cost-effective electricity for New England with GE’s high efficiency gas power technology,” said Joe Mastrangelo, president and CEO of gas power systems, GE Power. “Our partnership with CPV shows the distinct advantage of the GE Store. From financing to integrated power island solutions, our goal is to bring flexible and reliable power to the grid.”
CPV Towantic was originally approved by the Connecticut Siting Council in 1999 as a 512 MW project, but was not built due to market conditions. CPV entered into a partnership with GE Energy Financial Services in 2012 to advance the project and its competitiveness in the marketplace. In 2014, New England’s grid operator (ISO-New England) announced the retirement of approximately 10 percent of the region’s total electric generating capacity, opening a door for CPV Towantic. Gemma Power Systems has been selected as the Engineering Procurement and Construction (EPC) contractor to oversee construction of the project.
CPV Towantic represents one of the largest private-sector infrastructure projects in the state. A study by the University of Connecticut’s Connecticut Center for Economic Analysis (CCEA) projects construction and operation of CPV Towantic will generate more than $7.9 billion in new personal income for Connecticut residents over the next 25 years and will create, at its peak in the construction phase, more than 2,300 positions. During its operating life, CCEA projects CPV Towantic will generate approximately 1,800 new jobs, a measurable increase of approximately 0.1 percent in Connecticut’s total employment.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Energy Financial Services
GE Energy Financial Services-GE's energy investing business-works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money-expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure-GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. More Information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable. For more information, visit the company's website at www.gepower.com and http://powergen.gepower.com.
Follow GE Power and GE Gas Power Systems on Twitter @GE_Power and @GE_GasPower.