Private Equity Partnership Announced to Construct NatGas Power Plant
Energy Investors Funds (EIF), an energy-focused private equity firm, and I Squared Capital, an independent global infrastructure investment manager, announced that they have formed an equity partnership to construct the Oregon Clean Energy Center (OCEC), a greenfield 869 megawatt combined-cycle fired generation facility to be located in Oregon, Ohio.
EIF, through one of its private equity funds, EIF United States Power Fund IV, L.P. and I Squared Capital, through its ISQ Global Infrastructure Fund, are equal partners in the project, according to a press release.
The Ohio Power Siting Board (OPSB) approved the project May 1 of last year, with the project initially slated to be a 799 megawatt facility, according to the OPSB website. The initial projections were that the construction would cost $860 million and generate approximately $15.4 million in state and local tax revenue.
OCEC will use two Siemens SGT6-8000H gas turbines and one steam turbine, which are the most advanced and efficient turbines on the market. The plant’s output will play a critical role in the Pennsylvania-New Jersey-Maryland (PJM) wholesale electricity market, which is slated for 12,000 MW of coal plant retirements in the near future. The plant is expected to begin commercial operations by July 2017. The construction process will create approximately 500 jobs, the partnership said in a press release.
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