Competitive Power Ventures (CPV) and GE Energy Financial Services have closed financing on the 785-MW CPV Towantic Energy Center in Oxford, Connecticut.
Sixteen lenders participated in the approximate $753 million debt financing.
The combined-cycle plant will be powered by two GE 7HA heavy-duty gas turbines with a steam turbine and associated generators. The combined-cycle plant will provide enough electricity to power the equivalent of about 800,000 U.S. homes.
The Algonquin Interstate Pipeline will supply natural gas for the plant, which can also use ultra-low sulfur distillate as a backup fuel.
The plant will connect to Connecticut Light & Power’s 115-kV circuit between Baldwin Junction and Beacon Falls.
Gemma Power Systems is providing engineering, procurement and construction services.
CPV Towantic was originally approved by the Connecticut Siting Council in 1999 as a 512-MW project but wasn’t built due to market conditions. In 2012, CPV partnered with GE Energy Financial Services to advance the project.