Newark Energy Center LLC, which is developing a 755-MW, gas-fired power project in New Jersey, on July 23 filed with the Federal Energy Regulatory Commission a notice of self-certification of its status as an exempt wholesale generator.
The company told FERC it is developing an approximately 755-MW, natural gas-fired plant located in Newark, Essex County, N.J. Newark Energy Center will sell capacity, energy, and ancillary services (all exclusively at wholesale) pursuant to market-based rate authority. The facility is within the PJM Interconnection East, AP South, and 5004/5005 submarkets, and will be interconnected to transmission facilities owned by Public Service Electric & Gas, which are under the control of PJM Interconnection.
A company contact is: Alycia Lyons Goody, Vice President and Assistant General Counsel, EIF Management LLC, Three Charles River Place, 63 Kendrick Street, Needham, MA 02494, Tel: (781) 292-7014, firstname.lastname@example.org.
Energy Investors Funds (EIF), an energy-focused private equity firm, said June 20 that two EIF-managed funds had indirectly acquired an additional 50% ownership stake in the Newark Energy Center from Hess Corp. (NYSE: HES). With this acquisition, EIF-NEC LLC now holds 100% of the equity interests in the Newark project. EIF-NEC, an entity jointly owned by the two EIF-managed funds, will use the loan to support the acquisition, construction and operation of the power plant, which is being built using General Electric’s advanced combined-cycle, natural gas-fired turbine technology.
The Newark Energy Center sits on 23 acres of brownfield industrial land in New Jersey. The project has been under construction for about two years and is expected to begin commercial operations in May 2015.