Argan Inc. (NYSE AMEX: AGX) announced Oct. 5 that its wholly owned subsidiary, Gemma Power Systems, has received from the NTE Ohio LLC affiliate of NTE Energy a full notice to proceed with engineering, procurement and construction activities for the Middletown Energy Center located in Butler County, Ohio.
Middletown will be a state-of-the-art 475-MW natural gas-fired facility that will operate in a combined-cycle configuration. The project is estimated to be completed in the Spring of 2018.
Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, stated: “We are very excited and ready to commence the substantial work on this new modern gas-fired power project.”
NTE Energy on Oct. 2 had announced that NTE Ohio successfully closed $645 million in project financing for construction and operation of the Middletown Energy Center. The facility will be one of the most efficient and clean sources of capacity and energy in PJM, employing Mitsubishi’s GAC turbine technology in a combined-cycle configuration, the company noted.
Argan’s primary business is designing and building simple and combined cycle natural gas-fired power plants through its Gemma Power Systems subsidiary and alternative energy plants including those powered by renewable energy sources, such as wind and solar, and biodiesel and ethanol production facilities.