General Electric (GE) is providing financial assistance, technology and other support services for Invenergy's 584MW Nelson Energy Center, a combined cycle natural gas generation facility in Illinois.
The plant, which is being developed by Invenergy Development Company, a joint venture between an affiliate of Invenergy and Stark Investments, is receiving construction and term loans from GE Energy Financial Services, ING Capital and Siemens Financial Services.
GE Energy Financial Services has acted as the administrative agent, bookrunner and, through GE Capital Markets, served as the primary lead arranger of the senior secured credit facilities, while ING Capital is the joint lead arranger and documentation agent.
In addition to anchoring the lending group, GE is also providing two 7F gas turbines, two GE A10 steam turbines and long-term maintenance services for the under-construction plant in Rock Falls, approximately 120 miles west of Chicago.
Invenergy has signed a site change agreement with GE to modify turbine and control systems that will see GE upgrading the units with its MarkVIe software controls technology, which will improve operational performance.
It has also signed a contractual services agreement with GE to provide long-term maintenance and engineering services for the plant's GE equipment. In return, GE will install OpFlex controls software to automate operational adjustments for improving performance and availability to generate power.
To be operated and maintained by Invenergy Services, an affiliate of Invenergy, the plant is expected to come online in early 2015 and will sell its output in the PJM wholesale market.
The plant will be connected to ComEd's 345kV Bus at TSS 155 Nelson via the interconnect customer's one-mile-long 345kV generator lead.
GE Energy Financial Services managing director and debt origination leader Carl Peterson said the latest transaction represents the company's ability to connect financing and technology to serve a common customer, expands its relationship with Invenergy to lead arranging and grows its debt portfolio.
Image: Invenergy's Nelson Energy Center under construction in Rock Falls, Illinois will feature GE technology. Photo: courtesy of GE Energy Financial Services.