Old Dominion Electric Cooperative said in a Nov. 10 quarterly Form 10-Q report that it is currently constructing, and will be the sole owner of, an approximate 1,000 MW natural gas-fueled generation facility, named Wildcat Point, in Cecil County, Maryland.
In April 2014, the project was approved by the Maryland Public Service Commission. In June 2014, Old Dominion selected White Oak Power Constructors as the EPC contractor. Site preparation and engineering activities are in process, and permanent construction began in January 2015. The facility is scheduled to become operational in mid 2017.
On June 22, 2015, Old Dominion reached an agreement to purchase the project land from Essential Power LLC for $40 million and a payment of $35.5 million was made in the third quarter of this year. It has been leasing the land up to now. The cooperative anticipates the transaction will close in the fourth quarter of 2015. Upon closing of the transaction, title will be transferred and Old Dominion will make the remaining payment of $4.5 million.
As a result of the agreement to purchase the land and land rights, Old Dominion currently anticipates that the project cost will be about $834.3 million, including financing costs. To fund a portion of the project cost, on Jan. 15, 2015, it issued $332 million of first mortgage bonds in a private placement transaction.
Wildcat Point will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator.