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Advanced Power Closes Financing of $1.3B Electric Generating Facility in Ohio

August 30, 2018, 07:17 AM
Filed Under: Energy

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.

"Advanced Power is proud to have delivered the South Field Energy project," said Thomas Spang, Advanced Power's CEO. "The community has supported South Field Energy from the beginning. The environmental, economic and regional tax-based benefits are clear and well understood. The community has worked closely with us and we are pleased to be able to deliver our second major project in Ohio and third major project in the United States. We and our partners, who are leaders in the energy and finance sectors, will construct a state-of-the-art low-carbon electric generating facility that will benefit both the State's energy portfolio and the people who rely on it."

"The South Field Energy project will create jobs and bring significant economic benefits to the Village of Wellsville, Columbiana County and the State," said Zachary Gordon, South Field Energy's project manager. "I am grateful to the Columbiana County community for its continued support in bringing this project to fruition. We look forward to starting construction and ultimately providing electricity from a facility that will be among the cleanest and most efficient of its kind."

The completed electric generating facility, which will be managed by Advanced Power, will sell energy, capacity and ancillary services into the PJM market.

Bechtel, a global leader in the design and execution of complex power projects for more than 60 years, will undertake the engineering, procurement and construction of the energy center slated for completion in the second quarter of 2021. The project will create approximately 1,000 construction jobs during its peak period.

The facility will use two General Electric gas turbines, each with a heat recovery steam generator and steam turbine generator, and will produce enough electricity to power approximately one million homes. Advanced Power, which led the development of the facility, will be the construction and asset manager.

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