December 12, 2013 / 6:01 PM / 4 years ago

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
    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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