Advanced Power closes financing of $1.58bn Cricket Valley Energy Center in New York

25 January 2017 (Last Updated January 25th, 2017 18:30)

Advanced Powerhas announced financial close of construction for the $1.58bn Cricket Valley Energy Center in Dover, New York.

Advanced Powerhas announced financial close of construction for the $1.58bn Cricket Valley Energy Center in Dover, New York.

Investors, including Advanced Power, JERA, TIAA Investments, BlackRock Financial Management, Development Bank of Japan, and NongHyup Financial Group are offering $709m in equity commitments for the 1,100MW combined-cycle natural gas electric facility. 

In addition, GE Energy Financial Services, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Bank of America, CIT BANK, Industrial Bank of Korea, and Shinhan Bank New York Branch are providing $875m in funded debt facilities along with Industrial and Commercial Bank of China New York branch, NongHyup Financial Group, National Australia Bank, Siemens Financial Services, and Sumitomo Mitsui Banking Corporation

Advanced Power's chief executive officer (CEO) Thomas Spang said: “As lead developer of the project, Advanced Power  is proud to have delivered a project that meets New York’s stringent regulatory standards and has the support of the local community.

“Advanced Power 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 will revitalise a dormant industrial site, create jobs, and generate tax revenue for the Town of Dover."

The energy centre is located next 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 transmission line.

The new facility will use GE gas power equipment for producing electricity, which will be sufficient to power one million homes in the Hudson Valley.

Cricket Valley Energy Center's project manager Robert De Meyere said: “Cricket Valley Energy Center will revitalise a dormant industrial site, create jobs, and generate tax revenue for the Town of Dover in Dutchess County and the State.

“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.”

The facility is expected to be completed by 2020. During construction, the project is expected to provide employment opportunities for nearly 1,100 people, alongside 80 permanent and indirect jobs when the facility is operational.