Japan’s Jera has divested 6% stake in the Cricket Valley Energy Center, the operating company of a fully-approved 1.1GW natural gas-fired thermal power generation project in New York State.
The firm has sold stake from its approximately 44% interest in the $1.58bn project to the Development Bank of Japan, which is an existing investor in the project. Financial terms of the deal were undisclosed.
Being built on an industrially-zoned site off Route 22 in Dover, New York, the Cricket Valley Energy Center (CVEC) will feature low-impact design and will use advanced emissions-control technology.
Bechtel is the engineering, procurement, and construction contractor of the generating facility, which is scheduled to be commissioned in 2020.
The facility is jointly owned by Jera, TIAA Investments, Advanced Power, BlackRock Financial Management, Development Bank of Japan, and NongHyup Financial Group.
Advanced Power CEO Tom Spang earlier said: “The Cricket Valley Energy Center is an important step for America’s move forward into cleaner energy production.
“This facility will not only create a new clean energy source; it will provide significant stimulus for the economy of Dutchess County.”
The facility will feature General Electric’s (GE) equipment including three combustion turbines, each paired with a heat recovery steam generator and steam turbine generator.
The company said: “Jera will seek to enhance its corporate value and strengthen its competitiveness by from time to time selling a portion of its interest in projects to which it has added value, and as appropriate reinvesting the proceeds other projects.”
In January last year, Advanced Power secured financing for the construction of Cricket Valley Energy Center.
Image: Illustration of Cricket Valley Energy Center in New York, US. Photo: courtesy of Bechtel Corporation.