Competitive Power Ventures (CPV), in partnership with GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure, and Harrison Street, today announced it has reached financial closing on CPV Three Rivers Energy Center (CPV Three Rivers) in Grundy County, Illinois. The project represents over $1.3 billion in private investment, including $875 million of senior credit facilities arranged on a true club basis with broad-based support from a diverse group of 14 international financial institutions and investment from the equity partners.
CPV Three Rivers is a state-of-the-art 1,250-megawatt natural-gas-fueled, combined-cycle electric generation facility that will use GE's latest highly-efficient HA turbine technology, which enables an unmatched efficiency of greater than 64%, with industry-leading flexibility. The facility will sell its power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago. Construction, which is led by Kiewit Power Constructors Co., will commence shortly and commercial operation is expected to begin in 2023. CPV Three Rivers is CPV’s largest project to date.
“CPV is pleased to announce the financing of CPV Three Rivers, continuing our string of success in bringing another state-of-the-art electric generating project that will modernize the nation’s electric grid by generating safe, reliable, cost effective and environmentally responsible electric power. This project, located in Illinois, will serve the PJM market for years to come,” said CPV CEO Gary Lambert. “While the pandemic posed challenges throughout this process, we are thankful to our partners, lenders and host community for their perseverance and confidence in the success of this project.”
“Achieving financial close for CPV Three Rivers during a global pandemic and with commitments from 14 international lenders is a testament to CPV’s successful track record developing, financing, constructing, and operating safe, reliable, cost-effective and environmentally responsible power generation facilities,” said CPV CFO Paul Buckovich. “We’re grateful for the trust our lenders have placed in us to deliver.”
The plant will feature two combustion turbines, two heat recovery systems and two steam turbines in order to maximize efficiency. The facility will have unmatched operational flexibility which allows it to quickly respond to demand changes introduced with the growing deployment of renewable generation. The unique ability for this state-of-the-art technology to provide highly efficient, low-emitting, reliable power and to support renewables with the unmatched operating flexibility offers an optimal solution for Illinois to meet its carbon reduction goals.
"GE is honored to continue its relationship with Competitive Power Ventures by supplying advanced gas technology for CPV's third HA-powered facility," said Scott Strazik, President and CEO of GE's Gas Power business. "Our relationship with CPV is built on proven results, and we are proud to be able to provide state-of-the-art technology, services and strategic financing to help develop complex projects like Three Rivers, which will provide reliable, affordable, and sustainable electricity to CPV's customers."
The project enjoys strong support from residents, business, labor and elected leaders in Grundy County and will yield substantial local and regional benefits, including hundreds of millions of dollars in private infrastructure investment and significant new revenues for local governments and businesses. At peak construction, more than 500 union workers will be onsite. Once operational, the energy center will require a staff of 25 full-time personnel and approximately 75 additional jobs will be created to provide ongoing services to the plant.
“CPV Three Rivers will provide $1 billion in economic development and hundreds of good-paying, union construction jobs to Illinois over the next two years at a time when more than 1 million Illinoisans are unemployed,” said Rep. Larry Walsh, Jr. (D-Joliet). “Energy has always been the backbone of Grundy County, and I support the expansion of all resource types to ensure grid reliability, bring new tax revenue streams to the state of Illinois and spur job creation that puts Americans back to work.”
“After years of development, I am pleased to officially welcome CPV Three Rivers to Grundy County,” said State Sen. Patrick Joyce (D-Essex). “The project will provide long-term, high-paying jobs while increasing the resiliency, security, and affordability of our power supply. CPV is a true partner for our communities and our labor force.”
CPV Three Rivers has executed a long-term redevelopment agreement that will help support Grundy County’s tax base, services, and economic development. These funds will be used to support local schools, offset reducing revenue streams, and improve infrastructure. Throughout the development process, CPV Three Rivers has been committed to keeping the community well informed through active community outreach, a dedicated project website and an informational open house held at Coal City High School. The company will continue to proactively invest in and support the community through open dialogue and active participation in local events and organizations.
“As a staunch supporter of the CPV Three Rivers project during its development, I could not be happier to see CPV and their partners reach this critical milestone,” said State Senator Sue Rezin (R-Peru). “Not only are they enhancing the region’s energy corridor by constructing a state-of-the-art generation facility in Grundy County, but also becoming an integral part of our community, committed to supporting our first responders and local schools.”
About CPV
Competitive Power Ventures (CPV) is uniquely positioned to leverage global technology and financial partnerships to help modernize America’s power generation. Together with our investors, partners, host communities and other key stakeholders, we are driven to improve our energy infrastructure by developing and operating power generation facilities using cutting edge, domestically available natural gas and renewable power technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 4.2 GW of clean generation across the United States. The company’s Asset Management division currently manages more than 9,300 MW of fossil and renewable generating facilities in nine states for 12 different owner groups. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into the number one thermal developer and one of North America’s premier energy companies. For more information:www.cpv.com and follow CPV on Twitter and LinkedIn.
