GE's H-Class Engineered Equipment Package and Financing to Help Power Ares EIF's Birdsboro Power
GE (NYSE: GE) today announced an order for a single shaft engineered equipment package (EEP), with a high-efficiency 7HA.02 gas turbine at its heart, to power the Ares EIF's Birdsboro Power combined-cycle power plant in Birdsboro, Pennsylvania. With the help of GE's latest power generation technology and financing from GE Capital, Birdsboro Power is expected to produce 488 MW upon commercial operation in 2019.
"We are pleased to bring this new plant online, which will help continue the shift to cleaner, more cost-effective power in the PJM region," said Mark Voccola, Partner in Ares EIF, within the Ares Private Equity Group. "The abundance of low-cost natural gas in Pennsylvania means GE's large, high-efficiency 7HA.02 technology is a great fit, supporting the region's increased use of natural gas for power generation."
"The Birdsboro power project underscores the strength of the GE Store," said Joe Mastrangelo, President & CEO, GE Gas Power Systems. "Starting with our expanded portfolio of products and solutions, we're proud to have every major component in this power island GE-made, bringing decades of experience and component know-how, to extract the maximum value out of every piece of equipment as they work in unison. Our ability to provide financing helps this plant move one step closer to fruition."
In addition to the equipment order, GE, through GE Capital's Energy Financial Services, co-lead arranged senior secured credit facilities with CIT Bank and Investec, which will be used to support construction and operations of the plant.
The Birdsboro Power project was developed by EmberClear Corporation, and the order includes one 7HA.02 gas turbine, one D650 steam turbine, one heat recovery steam generator (HRSG), plant controls and additional equipment. The gas turbine will be manufactured in Greenville, South Carolina, and the steam turbine in Schenectady, New York. The turbines will operate in single-shaft combined-cycle configurations, providing the flexibility required to add highly-efficient, reliable power to the grid as needed.
“The Birdsboro power project underscores the strength of the GE Store,”Joe Mastrangelo
President & CEO, GE Gas Power Systems.
This project marks GE's 21st HA unit booked in the U.S. The HA is GE's largest and most efficient gas turbine, and in June 2016, GE set a world record for powering the world's most efficient combined-cycle power plant with its HA technology. GE's Power Services has also signed a multi-year services agreement for continued maintenance of the facility's power generation equipment.
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.
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. For more information, visit the company's website at www.gepower.com; Follow GE Power on Twitter @GE_Power and on LinkedIn at GE Power.
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.
More information: www.geenergyfinancialservices.com; Twitter: @GEEnergyFinServ