CPV Secures Financing to Move Forward With County Energy Project

Published Friday, August 8, 2014

The Charles County Commissioners announced that Maryland-based Competitive Power Ventures (CPV) and partners Marubeni Power and Toyota Tsusho announced today they have closed financing with GE unit (NYSE:GE) GE Energy Financial Services and 14 other lenders for the $775 million CPV St. Charles Energy Center under construction in Waldorf, Md.

The project has strong support from Charles County and other key stakeholders in Maryland and will provide substantial reliability, economic, socioeconomic, and environmental benefits to residents and electric consumers. It is expected that approximately 350-400 construction jobs will be created during peak construction, and about 24 well-paying permanent jobs will be created once the project is completed. It is expected to become one of the largest taxpayers in Charles County.

Located 25 miles southeast of Washington DC, the CPV St. Charles Energy Center is a state-of-the-art 725-MW combined-cycle natural gas-fired power plant using GE’s FlexEfficiency 60* combined-cycle engineered equipment package, including highly efficient 7F.05 Gas Turbines and a 16-year GE contractual services agreement. The project will be constructed by SNC Lavalin Constructors Inc. and operated by EthosEnergy Power Plant Services, LLC.

“The St. Charles Energy Center project is one of the largest economic development projects in Charles County's history. A project that involves capital investment of over a half-billion dollars is enviable for any jurisdiction,” said Kwasi Holman, director of the Charles County’s Economic Development Department. “Some 15-plus years of time and planning has been invested by many to reach this milestone, and we are so pleased that CPV has completed their financial closing and is moving toward construction.”

The project will sell its capacity, energy, and ancillary services into the transmission-constrained Southwest Mid-Atlantic Area Council (SWMAAC) zone of the Pennsylvania-New Jersey-Maryland (PJM) Interconnection market, the world's largest competitive wholesale electricity market, powering 700,000 homes. The benefits of a reliable water supply for efficient wet cooling, as well as the site’s proximity to PEPCO 230 kV transmission lines and the Dominion Cove Point natural gas pipeline, make this one of the most cost competitive projects in PJM.

Once constructed and operational, the CPV St. Charles Energy Center will be one of the most efficient combined-cycle facilities in PJM.

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