A new CCGT 1,100 MW power plant to be constructed near New York has secured the needed $1,584 billion financing for the project.
The investors in the Cricket Valley Energy power plant project, who are providing $709 million in equity commitments, include JERA (half-owned by each of Chubu Electric Power Company and TEPCO Fuel & Power); TIAA Investments; Advanced Power; BlackRock Financial Management; Development Bank of Japan and NongHyup Financial Group (under the direction of the National Agricultural Cooperative Federation of Korea).
A group of banks is to provide additional $875 million.
The power plant, which is to be built in Dover, New York, is expected to supply power to one million households, said the project's lead developer.
Cricket Valley Energy Center is located adjacent to the Iroquois natural gas pipeline and will sell energy, capacity, and ancillary services to the New York Independent System Operator (NYISO) energy market with interconnection through Con Edison’s nearby 345 kV transmission line.
Bechtel will undertake the engineering, procurement, and construction of the power plant.
The facility is slated for completion in the first quarter of 2020.