PSEG Power acquires Maryland combined-cycle power plant project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
PSEG Power acquires Maryland combined-cycle power plant project

PSEG Power has acquired the 755 MW Keys Energy Center project in Maryland (USA) from Genesis Power and an energy-focused private equity fund managed by Ares EIF Management.

PSEG Power acquired the project through its wholly-owned subsidiary PSEG Fossil and plans to change the name of the facility to the PSEG Keys Energy Center (KEC).

The 755 MW natural gas-fired combined-cycle plant, which represents an investment of US$825-875 million, will be located roughly 2 km east of Brandywine (Maryland). The site will connect directly to the Potomac Electric Power Company's (PEPCO)/PJM 500 kV transmission line adjacent to the property; no new transmission lines are required.

PSEG expects to begin construction in 2015, with the goal of commencing operation in 2018.

Bill Levis, COO and President of PSEG Power, has commented:

"The new plant offers a strong operational and financial fit for PSEG Power's balanced generation portfolio and will expand our footprint in our core PJM market. This is an opportunity to add to the reliability of the energy grid, provide clean energy to Maryland and create new jobs and economic activity locally and within the region."

PSEG Fossil will oversee construction, operate and maintain the power plant. SNC - Lavalin Constructors Inc. is the designated Engineering, Procurement and Construction (EPC) contractor.

The plant will generate approximately 700 jobs during the two-year construction phase. More than 20 permanent jobs will be created to run the new plant once it becomes operational.

PSEG Power is an independent power producer that generates and sells electricity in the wholesale market, with a portfolio totaling over 13,000 MW of generating capacity. With the addition of the Keys Energy Center, the combined-cycle gas turbine fleet would grow to represent more than 4,000 MW, or approximately one third of the entire portfolio.

IPP Journal has recently reported on several gas deals globally:

List of country news

Country news

  • June 25, 2015

    NRG Renew to develop 20 MW solar plant for Cisco’s San Jose headquarters

    NRG Renew, a wholly owned subsidiary of NRG Energy, has announced plans to develop a 20 MW solar energy facility that will generate clean, reliable solar power for delivery to Cisco's San Jose headquarters in California (USA). Read more
  • June 26, 2015

    Invenergy's 36 MW Prairie Breeze III Wind Energy Center secures PPA agreement

    The City of Grand Island has signed a long-term power purchase agreement (PPA) for the 36 MW Prairie Breeze III Wind Energy Center being developed by Invenergy, which is to be built in Antelope County, Nebraska (USA). Read more
  • June 30, 2015

    EDF Renewable Energy acquires wind project in Texas

    EDF Renewable Energy has announced the acquisition of the up to 200 MW Salt Fork Wind project in Texas from Cielo Wind Power LP. Read more
  • June 30, 2015

    SunEdison completes acquisition of Atlantic Power’s 521 MW wind projects

    SunEdison and TerraForm Power have announced the closing of the acquisition of Atlantic Power's 521 MW wind portfolio of operating wind power plants. Read more
  • July 02, 2015

    SunEdison closes financing of a 185-Megawatt wind energy project in Maine

    SunEdison, Inc. has secured financing for the 185 MW Bingham Wind project in Maine, which is expected to be the largest of its kind in the New England area of the U.S. 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.