Construction of N.J. Woodbridge natgas power plant to start soon
Sept 20 (Reuters) - GE Energy Financial Services, Competitive Power Ventures and ArcLight Capital Partners said on Friday they closed the financing for the $842 million Woodbridge natural gas-fired power plant in New Jersey and expect to start construction this quarter.
The 700-megawatt project, which will generate enough power for about 700,000 New Jersey homes, could enter service as soon as the first quarter of 2016, the companies said in a statement.
Privately held power company Competitive Power Ventures, investment firm ArcLight Capital Partners and Japanese trading firm Toyota Tsusho Corp own the plant, which will be operated by an affiliate of ArcLight.
The plant is expected to sell capacity through a 15-year contract, called a Standard Offer Capacity Agreement (SOCA), with New Jersey utilities, and energy through a hedge, the companies said.
General Electric Co's GE Energy Financial Services through GE Capital Markets Inc served as the project's primary lead arranger and bookrunner to anchor $561 million in senior secured credit facilities, the companies said.
GE Energy Financial Services and nine banks are providing the credit facilities. Financial details were not disclosed in the release.
GE's Power & Water business is supplying the technology for the combined-cycle plant and GE will provide services for the facility through a 16-year agreement.
The plant will feature two of GE's 216-MW gas turbines and one steam turbine. GE will manufacture the gas turbines in Greenville, South Carolina, and the steam turbine in Schenectady, New York.
The project will employ up to 500 workers during construction and 25 full-time workers to operate the plant.