GE Receives 22nd and 23rd Orders for Largest, Most Efficient HA Turbines; Caithness Moxie Freedom Project Marks First Project Financing for HA
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The Caithness Moxie Freedom Project to Use Two 7HA.02 Units at
Pennsylvania site
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GE, BNP, Citigroup and MUFG Co-Lead Financing for $592 Million
Credit Facility
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1,029 Megawatt Caithness Moxie Freedom Project Continues Shift to
Cleaner Power in PJM Region
Leadership takes moxie. GE (NYSE:GE), BNP Paribas, Citigroup and
Mitsubishi UFJ Financial Group are co-leading project financing for
construction and operation of the Caithness Moxie Freedom power plant in
Luzerne County, PA – the first plant using GE’s high efficiency 7HA.02
gas turbines to be project financed. Moxie Energy LLC and Caithness
Energy, L.L.C. jointly developed the combined cycle facility. Global
Infrastructure Partners, John Hancock and First Reserve are preferred
equity investors. The 1,029 megawatt (MW) plant will be able to generate
the equivalent power needed to supply approximately one million US homes.
“Working with GE on both the technology and the financing helps us move
forward with confidence in the construction and operation of the
Caithness Moxie Freedom Project,” said Leslie J. Gelber, president of
Caithness Energy, L.L.C. “GE’s large, high efficiency 7HA.02 technology
allows the project to capitalize on the abundance of low-cost natural
gas in Pennsylvania and supports the PJM region’s increased use of
cleaner burning natural gas for power generation. We’re excited to get
this new plant online and deliver the cleaner, cost-effective energy
needed throughout the PJM region.”
GE Energy Financial Services and its co-leads arranged $592 million
senior secured credit facilities to support the Caithness Moxie Freedom
Project’s construction and operation, with eight other banks in the
syndicate. With its utilization of the world’s largest, most efficient
H-class technology for 60 hertz countries, the Caithness Moxie Freedom
Project is projected to be one of the most efficient plants in the PJM
Interconnection region[1].
“Being selected for the Caithness Moxie Freedom Project shows the power
of the GE store,” said Joe Mastrangelo, president and CEO, gas power
systems at GE Power. “The technology inside our gas turbines comes from
across the GE portfolio, and we also have world-class steam tail
capability with the addition of Alstom to our business.”
GE is providing the Caithness Moxie Freedom Project with an engineered
equipment package (EEP) consisting of two 7HA.02 gas turbines, two steam
turbines, the control system, associated equipment and a long-term
services contract. The turbines will operate in single-shaft combined
cycle configurations, providing the flexibility required to add highly
efficient, reliable power to the grid as needed. If necessary, one unit
can run while the other is offline. The plant is expected to begin
commercial operation in 2018.
GE’s HA gas turbines are the world’s largest and most efficient at more
than 61% combined cycle efficiency, and lead the industry in total
life-cycle value. HA technology provides cleaner, reliable and
cost-effective conversion of fuel to electricity.
With the Caithness Moxie Freedom Project, 23 HA units have been ordered
among the 78 HA units that have been technically selected[2] by
customers around the world. GE’s H-class technology has been embraced by
customers in 12 countries, including Korea, Japan, the United Kingdom,
Brazil, the United States, France, Russia, Germany, Turkey, Egypt,
Pakistan and Argentina.
[1] PJM Interconnection is a regional transmission organization (RTO)
that coordinates the movement of wholesale electricity in all or parts
of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New
Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West
Virginia and the District of Columbia.
[2] A technical selection is one of the first steps in developing a new
power plant. It means that if the power plant is constructed and
commissioned, it will use GE gas turbines. Following technical
selection, a developer will proceed with securing financing, permitting
and more.
To view photos that accompany this announcement, please click here.
About GE
GE (NYSE:GE) is the world's Digital Industrial Company, transforming
industry with software-defined machines and solutions that are
connected, responsive and predictive. GE is organized around a global
exchange of knowledge, the "GE Store," through which each business
shares and accesses the same technology, markets, structure and
intellect. Each invention further fuels innovation and application
across our industrial sectors. With people, services, technology and
scale, GE delivers better outcomes for customers by speaking the
language of industry. www.ge.com
About GE Power
GE Power is a world leader in power generation with deep domain
expertise to help customers deliver electricity from a wide spectrum of
fuel sources. We are transforming the electricity industry with the
digital power plant, the world’s largest and most efficient gas turbine,
full balance of plant, upgrade and service solutions as well as our
data-leveraging software. Our innovative technologies and digital
offerings help make power more affordable, reliable, accessible and
sustainable.
For more information, visit the company's website at www.gepower.com
and http://powergen.gepower.com.
Follow GE Power and GE Gas Power Systems on Twitter @GE_Power
and @GE_GasPower.
About GE Energy Financial Services
GE Energy Financial Services-GE's energy investing business-works as a
builder, not just a banker, to help meet the world's power and fuel
needs. We offer more than money-expertise-for essential, long-lived and
capital-intensive power, oil and gas infrastructure-GE's core business.
Drawing on GE's energy technical know-how, financial strength and risk
management, we see value where others don't and take on our customers'
toughest challenges with flexible equity and debt transaction
structures. Based in Stamford, Connecticut, GE Energy Financial Services
holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ.
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