GE's F-Class Gas Turbine Technology and Financing to Help Power New York's Upcoming Cricket Valley Energy Center
GE (NYSE: GE) today announced an order with Bechtel for a state-of-the-art engineered equipment package (EEP) to power the upcoming Cricket Valley Energy Center (CVEC) in Dover, New York. With the help of GE's latest power generation technology and financing from GE Capital, CVEC will be the most efficient combined cycle power plant in the state upon commercial operation in 2020.
"We are committed to helping New York State meet its growing energy needs sustainably and we are pleased to select GE's combined-cycle power generation technology for this important facility," said Scott Osborne, global sector lead for Bechtel's power business. "The addition of Cricket Valley to our portfolio of projects firmly establishes Bechtel as the leading engineering contractor for combined-cycle power generation in the U.S."
"We are pleased to share in Bechtel's vision to provide the most efficient, reliable and flexible power generation solutions globally with the use of our combined cycle solutions," said Joe Mastrangelo, President & CEO of GE's Gas Power Systems. "CVEC will be a truly modern facility with leading efficiency to help reduce environmental impact, and we are excited to see our latest technologies continue to be used in GE Power's home state of New York."
In addition to the equipment order, GE, through GE Capital's Energy Financial Services, served as a co-lead arranger and administrative agent to help secure approximately $1 billion in senior-secured credit facilities for the project, which will be used to support construction and operations of the plant.
“We are pleased to support the Crickey Valley Energy Center, and GE's valued customers, with an attractive package that includes market-leading financing and leading power equipment,”Denise Persau Tait
Managing Director of the Debt Group at GE Energy Financial Services
Advanced Power, the developer of CVEC, selected Bechtel as the engineering, procurement and construction (EPC) partner for the project. Bechtel's EEP order will include three 7F.05 gas turbines, three steam turbines, three former Alstom-engineered heat recovery steam generators (HRSGs) and additional equipment. GE's F- Class gas turbine is an industry leader and now has the world's largest fleet with more than 1,300 units installed worldwide with more than 72 million fired hours in service. GE has also signed a multi-year services agreement for continued maintenance and operation of the facility. In total, CVEC will generate 1,100 MW of combined cycle power and help offset potential power disruptions due to the retirement of the nearby Indian Point nuclear power facility.
About Cricket Valley Energy Center LLC
Cricket Valley Energy Center is an approximately 1,100-megawatt natural gas fired electric generation facility located in Dover, New York scheduled for operation in 2020. The facility is owned by JERA Co., Inc., TIAA Investments, Advanced Power AG, BlackRock Financial Management Inc., Development Bank of Japan, Inc. and NongHyup Financial Group.www.cricketvalley.com
About GE Power
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy
needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital intensive
projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional
and renewable power, and oil and gas infrastructure projects.
GE Energy Financial Services is part of the GE Store and is able to provide unique customer value by leveraging GE's industrial energy heritage and strong technology footprint to offer access to capital and expertise. It is headquartered in Stamford, CT with regional hubs in London, Houston, Hong Kong and Nairobi More information: www.geenergyfinancialservices.com; Twitter: @GEEnergyFinServ
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.www.ge.com.
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