Advanced Power Finances $1.6 Billion Gas Plant in New York

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By Editors of Power Engineering

Advanced Power AG announced the successful financing for construction of the Cricket Valley Energy Center, a 1,100-MW combined-cycle gas facility slated for Dover, New York.

Cricket Valley, which will cost an estimated $1.584 billion to build, will sell energy, capacity and ancillary services to the New York Independent System Operator energy market.

Betchel will undertake engineering, procurement and construction of the energy center, which is slated for completion in the first quarter of 2020. The gas power equipment will be provided by GE.

The investors in the project, including Advanced Power AG, JERA Co. Inc., TIAA Investments, BlackRock Financial Management Inc., Development Bank of Japan Inc. and NongHyup Financial Group, will provide $709 million in equity investments.

$875 million in funded debt facilities will come from GE Energy Financial Services Inc.; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Bank of America N.A.; CIT BANK N.A.; Industrial Bank of Korea; Shinhan Bank, New York Branch; Industrial and Commercial Bank of China Limited, New York Branch; NongHyup Financial Group; National Australia Bank Limited; Siemens Financial Services, Inc.; and Sumitomo Mitsui Banking Corporation.

Cricket Valley will be Advanced Power AG’s second major generating facility in the U.S., with the 700-MW Carroll County Energy Center in Carroll County. Ohio under construction.

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