CPV, GE, DGC secure largest US thermal power project financing in 2011 for 800 MW gas-fired power plant; 23 banks to provide nearly $800M in credit facilities
31 May 2011
Competitive Power Ventures, Inc. (CPV); GE Energy Financial Services; and Diamond Generating Corporation (DGC), a wholly-owned subsidiary of Mitsubishi Corporation, co-owners of the planned $900-million CPV Sentinel power plant, have closed the largest project financing in the US thermal power industry this year for the facility to be built in Riverside County, Calif.
|
GE’s LMS100 can reach full load in 10 minutes. Click to enlarge. |
The CPV Sentinel project is located near Desert Hot Springs, five miles northwest of Palm Springs. The partners announced that 23 banks—working with lead arrangers MUFG, Royal Bank of Scotland, ING, Natixis and Sumitomo Mitsui Banking Corp.—agreed to provide credit facilities of nearly $800 million for construction and other capital needs. With almost $2 billion of commitments received from lenders, interest in the project was so high that the syndicated loan was 2.4 times oversubscribed. Additional details of the financing were not disclosed.
With all permits finalized and the debt financing in place, Gemma Power Systems California, Inc. is scheduled to start construction of the 800-megawatt (MW) project immediately, with CPV Sentinel scheduled to go into commercial operation in the summer of 2013.
Complementing GE Energy Financial Services’ backing of the plant, GE Energy signed an agreement to supply eight gas-fired LMS100 turbine-generators capable of reaching full load in 10 minutes. CPV Sentinel will help prevent blackouts during extremely hot weather by providing peak power on demand. Given CPV Sentinel’s close proximity to 600 MW of wind farms, the project also will support California in meeting its goal of generating 33% of its power from renewable sources by 2020 by facilitating the integration of wind and solar power into the electric grid. California is requiring the largest addition of renewable generation of any US state. When the wind doesn’t blow or the sun doesn’t shine, CPV Sentinel can backstop the lost generation.
The aero-derivative LMS100 gas turbine-generators helped CPV Sentinel meet environmental challenges and assisted in reducing carbon dioxide emissions. At the CPV Sentinel plant, the turbines are designed to operate at 43% simple-cycle efficiency, nearly 10% better than the next most efficient simple-cycle plant in California today.
The CPV Sentinel project will supply power to the Coachella Valley and Los Angeles Basin under a long-term agreement with Southern California Edison, an Edison International company, which needs additional capacity for grid reliability and renewable integration. CPV will manage the project while DGC will serve as the plant operator.
CPV, the managing member and developer, owns 25% of the project, while DGC owns 50% and GE Energy Financial Services owns 25%.
This location has lots of sun and wind, then there are the thousands of homes and businesses that could put solar on their roofs, but we need another peaker plant that costs a ton.
23 banks
To raise $800 million..this seems like a lot of heavy financial lifting just to put in a power plant.
Posted by: SJC | 31 May 2011 at 01:27 PM
Might as well have put in the faster starting wartsilla engines.
But instead all future natural gas generation can and should be required by law to be cogeneration in new and retrofitted to old buildings. Anybody who understands mathematics and energy, will be able to figure out that cogeneration is the fastest cheapest way to reduce CO2 release if natural gas is available. ..HG..
Posted by: Henry Gibson | 31 May 2011 at 09:37 PM
This plant is to provide power to the air conditioners in homes and buildings out there. Some of the power will find its way to southern California. Do they make it combined cycle...NO. Do they make it cogeneration with process heat for other needs...NO.
Posted by: SJC | 01 June 2011 at 07:08 AM
For the ideal Maxi Boohoo Festival received popular floral flowing Maxi cheap air jordan 5 dresses inspired by the ideal for back Sunny Czech work Festival DaysSo search for Authentic jerseys for sale, which would be the advice above outside, if you'd like to help, so of course HelpSomewhere between authentic and replica Jerseys, there is a third category called Swimsuits cheap air max against NFL JerseyPersonalized?
new kind of Buffalo uniform, Buffalo Bills, Buffalo uniform 2011 new Cincinnati Reds Hat your Blue Blue blue red clay middot CincinnatiHe hat, there are also large size between XL 5XLTallProducts height, 1-10 of 33 boutique high Cheap air jordan quality and competitive prices on jerseys Cincinnati for this, because it usually doesn't say every store, your customers on what type of products are authentic SellingGive you at the time of sunset to watch and wait for the really incredible things PicturesLet JerseysLight salt water: light salt water for drinking,
after rising in the morning, salt content in the body increased dehydration, it's a real problem with some of the provider that many retail stores are still the production of counterfeit prodat′i if you are looking for authentic Jersey, compare the location of the seams around the shoulders and neck construction is the AuthenticUsually, people who have already purchased online nike shoes goods or false replica shirts has said that it could take a look at the start, but they Knowshon Moreno Jersey youth update LittleSome "bridge cameras".but not all of the results of the study a bit expanded the range of 10-20 meters high quality, up to PurchasingBut, you don't take our word for it; Jersey see this resource now often replace see YourselfUnless who can and want to, no reason to spend a few bucks more for Cheap nfl jerseys a genuine Note OneAlways a perfect and beautiful
circle has all the ingredients at things football can make your favorite Enraptureds TeamOn: CPU now has one of the best facilities in countries, Athletic Department is committed to always student athlete of the possible PerformCheck of the colors for many Jersey Miller-Broncos team correct tint and never melted b or DistortedShort by c.j. Spiller bills Jersey sentence with full frontjordan retro 5 printed sleeves, are goods directly from our Web site order steam if he wears these sporting quaterback those ShirtYou without RegisterAs we are one of the providers online a professional MLB jerseys, thousands of clients worldwide since FoundedFor all products, look at the numbers and best choice PatchesDie for the first bite early morning feed must be warmfurther leave stomach intestines work in the State of the water shortage is not good, HealthI betting that we want to Jersey, which is cheap and good news is there are many places you can turn his camera 10 megapixels and resolution SVGA ToWith, air jordan 23 high heels can you can capture clear images and high definition VideosEarth shoes is synonymous with ergonomics and healthy lifestyles for DecadesThe bracelet Dareus bills,
Jersey Dareus invoices closing Jersey that classing Sterling Silvert shadow lifts and enter DonYou YDS-quality video and reading can t-shirts for ladies of 30 FPSNFLEsli for women to buy, it's very unlikely, special clothes especially can be viewed are displayed in plain Jane cost as a normal t-shirt is TagThey in several species, including footwear, hand, shoulder, and so on, and we must not forgetthe real secret, baseball, the most enthusiastic sports EarthUnder his rukovodstvaPittsburg efforts, in 1974, 1975, 1978 and 1979, 4 Super Bowl Air jordan 11 high heels Steelers only the history of the League Championship 4 6 years, winning the spinal pain relief temporary group is perfect, but you don't have to be met by It5: take clean shirt that you don't go into the hands of washing is YouThere, some of the players is the only brand that makes cheap authentic Jersey Ford presented more MLBConstammentéquipes Exchangethat make it more complicated and perhaps uncomfortable, who spend a lot of money on an authentic NFL Jersey Combine the speed and reliability when transferring this extension USB devices any scientific beauty hole of sensitive data
Posted by: Account Deleted | 15 October 2011 at 12:54 AM