Clik here to view.
Advanced Power has struck a financing deal with BlackRock’s Alternative Solutions Group, who committed to shoulder 10% of the investment of the 1,000 MW Cricket Valley combined-cycle gas power plant. Construction of the CCGT is slated to start in Q4-2016.
The project is scheduled for completion in Q4-2019. Once fully operational, the power station will provide electricity to a supply-constrained lower Hudson Valley and New York City markets.
The New York State Public Service Commission has given approval for the $1.4 billion gas-fired power plant to be developed on an inactive industrial site in the town of Dover, Dutchess Country, NY. The CCGT will be driven by three GE gas turbines, each with a heat recovery steam generator and steam turbine generator.
Cricket Valley Energy Ltd, an affiliate of Advanced Power, has selected Bechtel to carry out EPC works. Works to build the plant are expected to create approximately 800 craft jobs and, once complete, up to 30 full-time engineering, operations, management, and administrative positions, according to Bechtel estimates.
As the developer of the Cricket Valley CCGT project, Advanced Power has ample experience in acquiring or building and operating power generation assets throughout Europe and North America. It has developed a total of 15,000 MW of power generation capacity, and subsequently closed $7 billion of limited recourse project financing.
BlackRock is an infrastructure investment platform with more than $9 billion in commitments and invested assets as of June 30, 2016.
