Switzerland-based Advanced Power AG said it has secured the $899 million it needs to construct a 700 MW natural gas-fired power plant in eastern Ohio's Carroll County.
Advanced Power said it had closed $411 million in project financing with TIAA-CREF, Chubu Electric Power Co. Inc., Ullico Inc. and the Prudential Capital Group. Another $488 million was secured through commercial banks, including BNP Paribas and Credit Agricole, the company said. The company first announced the project in July 2013 (see Shale Daily, July 12, 2013).
Advanced is currently developing similar projects in Massachusetts, New York, Belgium and the Netherlands.
Carroll County is the state's leading oil and natural gas producer, according to state records. The facility would be located on 77 acres near the county seat of Carrollton in close proximity to Utica and Marcellus shale production. It would also be near American Electric Power transmission lines and Kinder Morgan Inc.'s Tennessee Gas Pipeline. The plant will sell energy, capacity and ancillary services to PJM Interconnection, which coordinates electricity in 13 states.
Advanced said the facility would feature two gas turbines and a steam turbine, which would have the capacity to generate enough electricity for 750,000 homes. The plant is expected to be in-service by 2017.
Advanced said it would remain an asset manager and equity partner through construction and after the start of commercial operations, EthosEnergy, a joint venture between the engineering consulting firm Wood Group and Siemens will operate the facility.
The project is expected to create 700 construction jobs at its peak and 20-30 permanent jobs once it's operational.