BlackRock invests in proposed New York combined cycle power plant

natural gas fired plant nov 2 elp

Funds managed by BlackRock’s Alternative Solutions Group, in partnership with BlackRock Real Assets, entered an agreement to invest about 10 percent in the 1,100 MW combined cycle gas turbine (CCGT) Cricket Valley electric generating facility, using General Electric 7FA.05 combustion turbine generators.

Construction of the power plant is expected to begin in Q4 2016 and is projected to be completed in Q4 2019. Once constructed, the project will benefit from an attractive location providing electricity to a supply-constrained lower Hudson Valley and New York City markets.

The developer of this project, Advanced Power, seeks to develop, acquire, own and manage power generation and related infrastructure projects throughout Europe and North America. AP’s team has successfully developed over 15,000 MW of power generation projects, and subsequently closed $7 billion of limited recourse project financing.

BlackRock an infrastructure investment platform with more than $9 billion in investor commitments and invested assets as of June 30, 2016, and over 90 people located in Dublin, Mexico City, New York, London, Zurich, Hong Kong, Paris, Seattle, Chicago and Stockholm.

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