General Electric (NYSE:GE) said March 28 that Competitive Power Ventures (CPV) has ordered two 7HA.01 gas turbines and the associated engineered equipment package from GE Power for the 785-MW Towantic power plant in Connecticut.
In addition, CPV is also working with partner GE Energy Financial Services to secure financing for the natural gas power plant.
The approximate $753m debt financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of 16 lenders participating in the financing.
The parties announced closing of the financing earlier in March.
CPV Towantic will be powered by two of GE’s 7HA.01 heavy-duty gas turbines with a steam turbine and associated generators. The 785-MW combined-cycle plant will be able to provide the equivalent power needed to supply approximately 800,000 U.S. homes.
The turbines provide high power density, fuel flexibility, lower emissions and fast ramping to complement the intermittent nature of renewable energy, GE said.
In terms of fuel flexibility – an important consideration during cold Connecticut winters – the plant will be primarily fueled by natural gas, with ultra-low sulfur distillate used as a backup fuel.
CPV Towantic was originally approved by the Connecticut Siting Council in 1999 as a 512 MW project, but was not built due to market conditions.
CPV entered into a partnership with GE Energy Financial Services in 2012 to advance the project and its competitiveness in the marketplace. In 2014,
New England’s grid operator (ISO-New England) announced the retirement of approximately 10% of the region’s total electric generating capacity, opening a door for CPV Towantic.
Argan (NYSE:AGX) Gemma Power Systems has been selected as the engineering procurement and construction (EPC) contractor to oversee construction of the project.
Commercial operation of the power plant is targeted for 2018.