It is CPV’s second project financing while the first is being acquired by Global Infrastructure Partners in May 2015.
Meanwhile, Gemma Power Systems (GPS) has received approval to proceed with the work as part of an engineering, procurement and construction agreement signed with CPV for the proposed power plant.
Planned to be developed in Woodruff Hill Industrial Park by the 2018, the dual-fuel combined-cycle electric generating facility will be powered by two of GE’s 7HA heavy-duty gas turbines with a steam turbine and associated generators.
Expected to generate electricity required to meet the power needs of approximately 800,000 US homes, the combined cycle plant will be fueled by natural gas via the Algonquin Interstate pipeline and will utilize ultra-low sulfur distillate as a backup fuel.
GE Energy Financial Services president & CEO David Nason said: "CPV Towantic represents a significant investment alongside a valued partner and is permitted to introduce GE’s advanced, high efficiency HA power generation technology to the New England region."
The project was initially approved as a 512MW project in 1999, but could not be built due to market conditions.
However, in 2012, CPV partnered with GE Energy Financial Services to redevelop the project.
The power plant will feature dry-cooling and the advanced natural gas turbine and environmental control technology.
According to a study by the University of Connecticut’s Connecticut Center for Economic Analysis (CCEA), the CPV Towantic project is expected to create more than 2,300 jobs during construction phase.
The project is also expected to create approximately 1,800 new jobs during its operating life.
Image: Illustration of CPV Towantic Energy Center in Oxford, Connecticut, US. Photo: courtesy of PRNewsFoto/Competitive Power Ventures.
