Advanced Power closes financing of $899 Million Carroll County energy project in Ohio

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Advanced Power closes financing of $899 Million Carroll County energy project in Ohio

Advanced Power has closed a US$899 million project financing for the development of the of the 700 MW Carroll County energy project in Ohio.

Specifically, Advanced Power has closed financing with its partners TIAA-CREF, Chubu Electric Power Company, Ullico and Prudential Capital Group providing US$411 million in equity commitments and BNP Paribas, Credit Agricole and eight other commercial banks providing US$488 million in senior secured credit facilities

Located in northeastern Ohio, Carroll County Energy will be a 700 MW combined-cycle natural gas electric generating facility that will sell energy, capacity and ancillary services into the PJM market. The project is proximate to the Utica and Marcellus natural gas production, as well as AEP's 345 kV transmission lines and Kinder Morgan's Tennessee Gas Pipeline system. This strategic location is an important competitive advantage of Carroll County Energy.

The facility will feature two GE 7F.05 gas turbines and a D602 steam turbine. 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.

Advanced Power CEO Thomas Spang stated:

"The project has received strong support from Carroll County and other key stakeholders in Ohio. 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."

Mario Maselli, Senior Director within the Energy & Infrastructure Investments team at TIAA-CREF, commented:

"As we pursue a steady, diversified stream of returns on behalf of our investors, this project represents exactly the type of opportunity our dedicated energy infrastructure team actively seeks out. A strong management team, consistent long term returns and a positive economic impact are important criteria in our investment decision making process."

BNP Paribas (Left Lead, Administrative Agent) and Credit Agricole Corporate and Investment Bank (Right Lead, Syndication Agent, Hedge Coordinator) served as Coordinating Lead Arrangers and Joint Bookrunners in forming a syndicate of 10 financial institutions to finance the project. Whitehall Capital served as the sponsor's financial advisor. Morgan Lewis & Bockius served as project counsel.

List of country news

Country news

  • April 13, 2015

    Chicago Infrastructure lauches a tender process for CNG fueling stations PPP project

    Chicago Infrastructure Trust has launched a tender process to develop a compelling network of CNG stations that enable vehicle operators to fuel in the city of Chicago. Read more
  • April 13, 2015

    SunEdison Appoints Julie Blunden As SVP And Chief Strategy Officer

    SunEdison has announced that Julie Blunden has been appointed Senior Vice President and Chief Strategy Officer, including responsibility for marketing, communications, investor relations and public policy. Read more
  • April 13, 2015

    Chicago Infrastructure Trust invites partners for solar projects

    Chicago Infrastructure Trust has launched a tender process to develop solar PV systems on the rooftop or ground properties of City of Chicago Departments and Sister Agencies as well as other local municipal and not-for-profit institutions. Read more
  • April 13, 2015

    Kosmos Energy announces add-on offering to its existing senior secured notes

    Kosmos Energy Ltd. has announced the pricing of an additional US$225 million of 7.875% senior secured notes due 2021 as a non-fungible add-on to the existing US$300 million senior secured notes. Read more
  • April 14, 2015

    SNC Lavalin and Stonepeak Infrastructure Partners to co-invest in New Mexico power project

    Western Energy Partners has announced plans to develop the 750 MW Clean Path Energy Center located on privately owned land near Waterflow, New Mexico. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.