GE finances Invenergy natgas power plant in Illinois
Dec 12 (Reuters) - U.S. multinational General Electric Co said Thursday it is anchoring a lending group to finance construction of the 584-megawatt Nelson natural gas-fired power plant in Illinois for privately held power company Invenergy LLC. Financial details were not disclosed. GE said in a release it will support the plant, which will use two of GE's 7F gas turbines and two GE steam turbines, under a long-term maintenance services agreement. The unit is under construction in Rock Falls, about 120 miles (193 km) west of Chicago. It is expected to enter service in early 2015. One megawatt powers about 1,000 homes. Invenergy Development Co LLC, a joint venture between an affiliate of Invenergy and Wisconsin-based investment firm Stark Investments, is building the plant and plan to sell power into the PJM wholesale electric market. PJM Interconnection operates the power grid serving 13 U.S. Mid Atlantic and Midwest states, including Illinois. GE said its GE Energy Financial Services unit through GE Capital Markets Inc served as the primary lead arranger of the senior secured credit facilities. Units of GE, Dutch bank ING Groep NV and German multinational Siemens AG are providing construction and term loans for the plant, GE said.
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