IPP Closes Financing of $1.3 Billion Electric Generating Facility In Ohio
August 24,2018
Advanced Power announced that it has successfully closed a $1.3 billion financing for the construction of a fully permitted 1,182 MW combined-cycle natural gas electric generating facility located in Columbiana County, Ohio known as South Field Energy.
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. own the facility. 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.
The completed electric generating facility, which will be managed by Advanced Power, will sell energy, capacity and ancillary services into the PJM market.
The facility will use two General Electric gas turbines, each with a heat recovery steam generator and steam turbine generator. Advanced Power, which led the development of the facility, will be the construction and asset manager.
Advanced Power is a privately-owned company that has more than 7,000 MW in operation, under development, construction or management in the United States and Europe. Together with the 700 MW Carroll County facility in operation in Ohio and 1,100 MW Cricket Valley facility under construction in Dover, N.Y., South Field Energy is Advanced Power's third major infrastructure project in the United States in 3½ years. Majority-owned by its senior management, Advanced Power has offices in Boston and London and is headquartered in Zug, Switzerland.