NTE’s partners, Capital Dynamics and Wattage Finance-OH provided $243m in equity loan while the $402m was provided by a group of seven financial institutions, led by BNP Paribas and Credit Agricole and Investment Banks, in various senior secured credit facilities.
NTE Energy CEO Seth Shortlidge said: "The project’s successful financing exemplifies the accomplishments of our team and partners, and is an important milestone in our mission to bring reliable, efficient, and clean power to the US."
Designed to power approximately 400,000 homes, the project is expected to create approximately 400 construction jobs and 25-30 jobs during operational phase.
The project is scheduled to be completed in 2018.
Capital Dynamics managing director John Breckenridge said: "This project is an important element of our global Clean Energy and Infrastructure strategy platform and is another example of our team investing in high quality projects and management teams to bring development stage, power assets to fruition."
Power generated from the Middletown Energy Center will be sold to the PJM wholesale electricity market.
Gemma Power Systems, a unit of Argan, is the engineering, procurement and construction (EPC) contractor for power plant, which is said to be the one of the most efficient and clean sources of capacity and energy in PJM.
The facility will be equipped with an advanced Mitsubishi Hitachi Power Systems Americas (MHPSA) M501GAC combustion turbine generator, a Vogt Power International supplementary-fired heat recovery steam generator and a Toshiba America Energy Systems-built steam turbine generator.
NTE Energy Services Company will serve as the construction and asset manager.
