Competitive Power Ventures, GE and ArcLight Capital, Announce Financial Closing of $842 Million CPV Woodbridge Energy Center in New Jersey
The project is owned by Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho and will be operated by an affiliate of co-owner ArcLight. It is expected to sell its capacity through 15-year Standard Offer Capacity Agreements (SOCA) with
The CPV Woodbridge project will help turn the site of a former chemical plant into a productive cleaner power generation facility. It will generate enough electricity to power 700,000 homes, helping
"Land reclamation, environmental benefits, strong community acceptance, a powerful economic impact and labor support: This project is what smart energy development looks like in 2013," said
GE Energy Financial Services served as the administrative agent, and — through GE Capital Markets, Inc. — as CPV Woodbridge Energy Center's primary lead arranger and bookrunner to anchor
GE's Power & Water business is supplying its FlexEfficiency* 60 combined-cycle technology as well as engineering services for the 700-megawatt, natural gas-powered project. GE also will support the long-term availability of the CPV Woodbridge Energy Center through a 16-year contractual services agreement (CSA).
"We have a long relationship with GE, a proven company that provides the full scope of project needs, from financing to equipment and services," added Lambert. "GE's advanced, highly efficient and flexible combined-cycle technology will help us provide one of the most competitive energy sources to
Included in the project's
"GE can uniquely offer customers financing, generating equipment and services on a large scale," said
GE's two fast-start 7F-5 gas turbines will be manufactured in
The project debt that GE Capital Markets, Inc. arranged is the first sizeable project financing of a greenfield, partial-merchant power project to be broadly syndicated in the traditional project finance bank market in many years. The debt syndication was oversubscribed, reflecting the project's strong fundamentals.
"By providing both capital and technology for the Woodbridge Energy Center, we are applying our skills as banker and builder, drawing on our financial strength, risk management and technical know-how," said
CPV Woodbridge will provide economic benefits to the community -- up to 500 skilled workers during construction, 25 full-time workers, tax revenue and contributions to a broader initiative to create public access to the
* Trademark of General Electric Company (GE).
CPV: Energizing North America's Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America's sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV's corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region. Headquartered in
ArcLight Capital Partners, LLC
ArcLight is one of the leading private equity firms focused on North American energy infrastructure assets. Since its establishment in 2001, ArcLight has invested over
GE works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
About GE Energy Financial Services
GE Energy Financial Services—GE's energy investing business—works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. Based in
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ.
About GE Power & Water
GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar; biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world's most complex challenges related to water availability and quality. Power & Water's six business units include Distributed Power, Nuclear Energy, Power Generation Products, Power Generation Services, Renewable Energy and Water & Process Technologies. Headquartered in
Follow GE Power & Water on Twitter @GE_PowerWater.
SOURCE Competitive Power Ventures