CPV closes financing for 1,250 MW generation facility

Competitive Power Ventures (CPV), in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street, has reached financial closing on CPV Three Rivers Energy Center (CPV Three Rivers) in Illinois, USA.

The project represents over US$1.3 billion in private investment, including US$875 million of senior credit facilities arranged on a true club basis from a diverse group of 14 international financial institutions and investment from the equity partners.

The CPV Three River Energy Center is a planned 1,250 megawatt natural gas-fueled combined-cycle electric generation facility to be located in Goose Lake Township, Grundy County, Illinois. The facility will sell its power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago. Construction, which is led by Kiewit Power Constructors Co., will commence shortly and commercial operation is expected to begin in 2023.

The project will use clean-burning natural gas and state-of-the-art technology, including two GE combustion turbines, two heat recovery steam generators and two steam turbines to maximize efficiency. The unique ability for this technology to provide highly efficient, low-emitting, reliable power and to support renewables with the unmatched operating flexibility offers an optimal solution for Illinois to meet its carbon reduction goals.

The project gains strong support from residents, business, labor, and elected leaders in Grundy County and will yield substantial local and regional benefits, including hundreds of millions of dollars in private infrastructure investment and significant new revenues for local governments and businesses. At peak construction, more than 500 union workers will be onsite. Once operational, the energy center will require a staff of 25 full-time personnel and approximately 75 additional jobs will be created to provide ongoing services to the plant.

CPV Three Rivers has executed a long-term redevelopment agreement that will help support Grundy County’s tax base, services, and economic development. These funds will be used to support local schools, offset reducing revenue streams, and improve infrastructure.