GE, CIT, others provide $1.3B facility for Advanced Power

Financing to build South Field Energy, a 1.18GW combined-cycle natural gas electric generating facility in Ohio.

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COLUMBIANA COUNTY, OHIO, AUG 28, 2018 -- Advanced Power has secured $1.3 billion in financing to build a 1.18GW combined-cycle natural gas electric generating facility in Columbiana County, OH.

CIT Group, GE Energy Financial Services, Crédit Agricole Corporate and Investment Bank, NH Investment & Securities and 10 other commercial banks agreed to provide senior secured credit as well as other credit facilities.

The new facility, South Field Energy, is jointly owned by Advanced Power and an investor group, which includes Kyushu Electric Power, NH-Amundi Asset Management and PIA Investment Management, RS Global Capital Investment, Shikoku Electric Power and an affiliate of Bechtel Development Company.

Advanced Power CEO Thomas Spang said, "Advanced Power is proud to have delivered the South Field Energy project. The community has supported South Field Energy from the beginning. The environmental, economic and regional tax-based benefits are clear and well understood."

The combined-cycle natural gas electric generating facility will feature two GE gas turbines, each of which will be equipped with a heat recovery steam generator and a steam turbine generator. The generators will produce enough electricity to power nearly 1 million homes in the region.

Advanced Power will be responsible for the construction of the plant and will serve as an asset manager. It will also manage the facility that will sell energy, capacity and ancillary services into the PJM market.

Bechtel will serve as the engineering, procurement and construction contractor for the energy center, which is slated for completion in the second quarter of 2021.

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