- Co-developers CPV, GE Energy Financial Services, and OGUSA arranged $700 million of senior debt financing for project
- Expected to be one of most efficient combined-cycle plants in PA with 1,050 MW added to grid
GE (NYSE: GE) announced an order from Competitive Power Ventures (CPV) Fairview Energy Center for two 7HA gas turbines and an engineered equipment package to power a combined-cycle facility in Jackson Township, Pennsylvania. With the help of GE’s latest power generation technology, CPV Fairview is expected to add 1,050 MW to the grid, providing enough electricity to power the equivalent of more than 1 million average US homes upon commercial operation in 2020.
“We use GE’s cutting-edge technologies to provide the most environmentally responsible, highest performing and best economic solutions for our generating facilities,” said Gary Lambert, president and CEO of CPV. “The high efficiency of their turbines as well as the company’s strong technical and operational support is why we continue to purchase their turbines, and CPV Fairview Energy Center is the most recent example.”
CPV Fairview will utilize GE’s 7HA.02 gas turbines, a steam turbine, generators and additional controls equipment. The HA is GE’s largest and most efficient gas turbine, and in June of 2016, GE was recognized for powering the world’s most efficient combined-cycle power plant with its HA technology. GE’s HA technology also offers industry-leading flexibility – capable of delivering full power to the grid in under 30 minutes – and provides cleaner, more reliable and sustainable power to customers. CPV Fairview will be unlike any other similar plant as it will be fueled by a mix of natural gas and ethane.
“Our HA technology is more flexible and efficient than ever before, and it’s changing the way power is delivered around the world,” said Scott Strazik, chief commercial officer, Gas Power Systems at GE Power. “We’re proud to once again team up with CPV and to bring this innovative technology to Pennsylvania where we will deliver what is expected to be one of the most efficient combined-cycle power plants in the state.”
GE Energy Financial Services co-developed the CPV Fairview project and is an equity investor alongside CPV and OGUSA. Together the partners arranged $700 million of senior debt financing which will provide for construction, term, letters of credit, and working capital financing needs of the project. CPV Fairview marks the fourth CPV developed power project using GE’s heavy duty gas turbines in the U.S. as the two companies continue their longstanding successful relationship.
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About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world’s energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects.