Advanced Power closes US$1.3 billion financing for gas-fired power project in Ohio

Advanced Power AG has successfully closed a US$1.3 billion financing transaction for the construction of a fully permitted 1,182 MW combined-cycle natural gas electric generating facility located in Columbiana County, Ohio known as South Field Energy.

Advanced Power and an investor group consisting of Kyushu Electric Power Co., Inc., NH-Amundi Asset Management and PIA Investment Management, RS Global Capital Investment LLC, Shikoku Electric Power Co., Inc., and an affiliate of Bechtel Development Company, Inc. own the facility.

Crédit Agricole Corporate and Investment Bank, CIT Group Inc., GE Energy Financial Services, NH Investment & Securities Co. and 10 other commercial banks are providing senior secured credit plus other credit facilities.

The completed electric generating facility, which will be managed by Advanced Power, will sell energy, capacity and ancillary services into the PJM market, which serves fourteen US states.

Bechtel will undertake the engineering, procurement and construction of the energy center slated for completion in the second quarter of 2021. The project will create approximately 1,000 construction jobs during its peak period.

The facility will use two General Electric gas turbines, each with a heat recovery steam generator and steam turbine generator, and will produce enough electricity to power approximately one million homes. Advanced Power, which led the development of the facility, will be the construction and asset manager.