Partners close financing for CPV St. Charles Energy Center in US

10 August 2014 (Last Updated August 10th, 2014 18:30)

Marubeni, Toyota Tsusho and CPV Power Development have closed financing for the $775m CPV St. Charles Energy Center, which is currently under construction in Waldorf, Charles County, Maryland, US.

Marubeni, Toyota Tsusho and CPV Power Development have closed financing for the $775m CPV St. Charles Energy Center, which is currently under construction in Waldorf, Charles County, Maryland, US.

The 725MW CPV St. Charles Energy Center is a combined-cycle, natural gas-fired power plant comprising two reliable, highly efficient GE 7F.05 gas turbines and a GE D400 steam turbine.

Marubeni and Toyota Tsusho hold 50% and 25% ownership interest respectively, while CPV Power Development holds the remaining 25%.

"The 725MW CPV St. Charles Energy Center is a combined-cycle, natural gas-fired power plant."

Constructed by SNC Lavalin Constructors and operated by EthosEnergy Power Plant Services, the project is located 25 miles southeast of Washington, DC.

CPV CFO Paul Buckovich said: "The CPV St. Charles debt closing represents the second time CPV has successfully employed medium-term contract financing through the commercial bank market in the past year."

The project, which will sell its capacity, energy and ancillary services into the transmission-constrained SWMAAC zone of the PJM market, powering 700,000 homes, could create approximately 400 construction jobs and 24 permanent jobs upon completion.

Power Project Development Department General Manager Shinichi Ushijima said: "For Toyota Tsusho, the St. Charles project is a second project partnering with CPV in PJM following the CPV Woodbridge project."

Construction is scheduled to commence this year, while commercial operation will start in 2017.

GE Energy Financial Services energy lending managing director and head Carl Peterson said: "GE is pleased to continue its long relationship with CPV by providing world-class technology, connected with financing attractive to debt capital markets."

The St. Charles Energy Center is expected to contribute to stable energy supply.

Energy