Competitive Power Ventures in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure and Harrison Street have announced that they have reached financial closing on the CPV Three Rivers Energy Center in Grundy County, Illinois.
According to an article in WSPY News, broad-based support from a group of 14 international financial institutions and investment from the equity partners represent over $1.3 billion in private investment, including $875 million of senior credit facilities arranged on a true club basis.
CPV Three Rivers is a state of the art 1,250 megawatt natural-gas-fueled, combined-cycle electric generation facility that will use GE's latest highly-efficient HA turbine technology. This will enable an unmatched efficiency of greater than 64 per cent, with industry-leading flexibility.
The facility will be able to sell its power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago. Kiewit Power Constructors Company will handle the construction and will begin shortly. The commercial operation is expected to begin in 2023. CPV Three Rivers is currently CPV's largest project ever.
"CPV is pleased to announce the financing of CPV Three Rivers, continuing our string of success in bringing another state-of-the-art electric generating project that will modernize the nation's electric grid by generating safe, reliable, cost effective and environmentally responsible electric power. This project is located in Illinois and will serve the PJM market for years to come. While the pandemic posed challenges throughout this process, we are thankful to our partners, lenders and host community for their perseverance and confidence in the success of this project."
CPV CEO | Gary Lambert
The facility will have unmatched operational flexibility which allows it to quickly respond to demand changes introduced with the growing deployment of renewable generation.
The plant will feature the following:
- Two combustion turbines
- Two heat recovery systems
- Two steam turbines in order to maximize efficiency
The project has received strong support from residents, businesses, labor and elected leaders in Grundy County and will yield substantial local and regional benefits. This will include hundreds of millions of dollars in private infrastructure investment and significant new revenues for local governments and businesses.
During peak construction, more than 500 union workers will be on the site. Once operational, the energy center will require a staff of 25 full-time personnel and about 75 additional jobs will be created to provide ongoing services to the plant.
WCSJ News states that the 120 acre project site will be south of Dresden Generating Station in Goose Lake Township.
Grundy County Board Chairman, Chris Balkema stated that as CPV Three Rivers reaches their intended capacity, they will become one of the largest taxpayers and will energize our economy with funds for our schools, first responders and families for many years.
An article in Competitive Power Ventures states that CPV Three Rivers has executed a long-term redevelopment agreement that will help support Grundy County's tax base, services and economic development. CPV will keep the community well informed through active community outreach, a dedicated project website and an informational open house held at Coal City High School.
DataBid is currently reporting on this project - CPV Three Rivers Energy Center - Morris (0087021816)
