Competitive Power Ventures (CPV) has won approval from the Connecticut Siting Council to build its proposed 785-MW CPV Towantic Energy Center in Oxford, Conn.
The Council’s decision was made at a May 14 Siting Council meeting in New Britain where members voted by a 5-2 margin to approve the facility.
CPV plans to finance the project during Q3 2015 with the start of construction slated for Q4. Construction is expected to take approximately 30-months and employ approximately 500 workers at peak construction with commercial operation targeted for 2018.
The Towantic Energy Center was originally approved by the Council in 1999 as a 512-MW project, but was never built due to market conditions. CPV entered into a partnership with GE Energy Financial Services in 2012 to redevelop the project.
In 2014, New England’s grid operator (ISO-New England) announced the retirement of about 10% of the region’s total electric generating capacity, with more expected in the years to come.
Based upon this forecast, and changes to the ISO-NE forward capacity market which allows financing of a major infrastructure project such as this, CPV filed with the Council in November to update the design of the Towantic project based on newer, more efficient GE combined-cycle generating technology.
During the ensuing six months, the Council weighed the application, along with significant public comment and participation, CPV said.
“We are extremely grateful to the Connecticut Siting Council, the many other Connecticut agencies and scores of staff for their hard work in assessing all the various aspects of the CPV Towantic application, and in the end determining it is in the public interest to proceed with this major private energy infrastructure project,” said CPV President Gary Lambert. “We’d also like to express our deep appreciation to the citizens and government of the Town of Oxford and neighboring towns for their hard work in helping make this the best possible project.”
“We commend today’s decision by the Siting Council. This is a great project and the jobs created by this major energy infrastructure investment are substantial and extremely welcomed by the hard-working construction tradespeople of Connecticut,” said Dave Roche, President of the Connecticut State Building Trades Council.