Swiss Advanced Power secures funding for new power plant in Carroll County, Ohio

Cooling towers at a power plant
Source: DollarPhotoClub

Advanced Power AG, a private Swiss company that develops, owns and manages power plants in Europe and North America, has announced that it secured an $899 million financing package for a 700-megawatt, Utica Shale-powered electric generating plant near Carrollton, Ohio.

The facility, called Carroll County Energy, will be built on a 77 acre site, approximately one-half mile east of Ohio 9 and 2.5 miles north of Carrollton, and will have the advantage of proximity to both the Utica and Marcellus shales, as well as AEP’s 345 kV transmission lines and Kinder Morgan’s Tennessee Gas Pipeline system.

The facility will feature two GE 7F.05 gas turbines and a D602 steam turbine which have the capacity to generate electricity for approximately 750,000 homes. Bechtel is building the project under a turnkey construction contract. EthosEnergy will operate the facility and Advanced Power will remain as the construction and asset manager.

“The project has received strong support from Carroll County and other key stakeholders in Ohio,” said Advanced Power CEO Thomas Spang. “From the beginning it was the project’s goal to work closely with the community and to bring in the strongest partners in the industry – this milestone demonstrates the success of that strategy.” Carroll County Energy is one of a number of projects Advanced Power is developing in the U.S. and Europe.

Tuesday’s “financial closing is a major milestone for Carroll County Energy,” project manager Jonathan Winslow said. “We are pleased for the Carroll County community at large and Carrollton schools as we move forward with this project and begin to contribute to the local economy, employment and energy picture.”

The funding for the project was secured from partners TIAA-CREF, Chubu Electric Power Co., Ullico, Prudential Capital Group. BNP Paribas, Credit Agricole and eight other commercial banks.

Approximately 700 construction jobs will be created during peak construction as well as 20 to 30 permanent jobs during operation. In addition to economic, socioeconomic and environmental benefits, the project will provide critical electric generation capacity in a region that has experienced significant facility retirements.

The plant is scheduled to begin operations in late 2017.

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