Advanced Power AG Closes Financing of $1.584 Billion Energy Center in Dover, New York
Advanced Power AG, announced today the successful financial close for
the construction of the $1.584 billion Cricket Valley Energy Center, a
fully-permitted approximately 1,100 MW combined-cycle natural gas
electric generating facility located in Dover, New York. The investors
in this project, who are providing $709 million in equity commitments,
include Advanced Power AG; JERA Co., Inc. (half-owned by each of Chubu
Electric Power Company and TEPCO Fuel & Power); TIAA Investments;
BlackRock Financial Management Inc.; Development Bank of Japan, Inc.;
and NongHyup Financial Group (under the direction of the National
Agricultural Cooperative Federation of Korea).
Additionally, GE Energy Financial Services, Inc.; BNP Paribas; Crédit
Agricole Corporate and Investment Bank; Bank of America, N.A.; CIT BANK,
N.A.; Industrial Bank of Korea; Shinhan Bank, New York Branch;
Industrial and Commercial Bank of China Limited, New York Branch;
NongHyup Financial Group; National Australia Bank Limited; Siemens
Financial Services, Inc.; and Sumitomo Mitsui Banking Corporation are
providing $875 million in funded debt facilities.
“As lead developer of the project, Advanced Power AG is proud to have
delivered a project that meets New York’s stringent regulatory standards
and has the support of the local community,” said Advanced Power AG CEO,
Thomas Spang. “Advanced Power AG is pleased to attract partners who are
leaders in the energy and finance sectors to construct a
state-of-the-art electric generating facility that is designed to be
among the cleanest electricity producers in New York, benefitting both
the State’s energy portfolio and the people who rely on it.”
Cricket Valley Energy Center is strategically 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. The facility will use General Electric gas power
equipment to produce enough electricity to power one million homes in
the Hudson Valley.
“Cricket Valley Energy Center will revitalize a dormant industrial site,
create jobs, and generate tax revenue for the Town of Dover in Dutchess
County and the State,” said Robert E. De Meyere, Cricket Valley Energy
Center Project Manager. “I am grateful to the Dover community for their
continued support for this project. I look forward to bringing Cricket
Valley Energy Center to the operational phase.”
Bechtel, a global leader in the design and execution of complex power
projects for more than 60 years, will undertake the engineering,
procurement, and construction of the energy center. The facility is
slated for completion in the first quarter of 2020. The project will
create 1,100 jobs during its peak construction period and 80 permanent
and indirect jobs when the facility is operational. Advanced Power AG,
which led the development of the facility, will be the construction and
asset manager.
Cricket Valley Energy Center is Advanced Power AG’s second major
electric generating facility in the United States. The company’s Carroll
County Energy Center facility, in Carroll County, Ohio, is under
construction.
About Advanced Power AG
Advanced Power AG is a privately-owned company, established in 2000 to
develop independent power projects in Europe and North America. Advanced
Power AG has over 7,000 MW in operation, under construction or under
development in the United States and Europe. Majority-owned by its
senior management, Advanced Power AG has offices in Boston,
Massachusetts, and London, England, and is headquartered in Zug,
Switzerland.
About Cricket Valley Energy Center, LLC
Cricket Valley Energy Center is an approximately 1,100 MW natural gas
fired electric generation facility located in Dover, New York scheduled
for operation in 2020. The facility is owned by JERA Co., Inc., TIAA
Investments, Advanced Power AG, BlackRock Financial Management Inc.,
Development Bank of Japan, Inc. and NongHyup Financial Group.
www.cricketvalley.com
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