Advanced Power has reached financial close for the construction of its US$1,584m Cricket Valley CCGT project in Dover, New York (United States).
JERA, the joint venture of Japanese utilities Chubu Electric and TEPCO, TIAA Investments, Advanced Power, BlackRock, the Development Bank of Japan and NongHyup Financial Group will provide US$709m in equity commitments, while various US, Japanese, Chinese and French banks will provide the remaining US$875m.
The fully permitted 1,100 MW CCGT project will consist of three units of 370 MW each. The engineering, procurement, and construction (EPC) contract of the project has been awarded to Bechtel. Construction will start at the end of January 2017 and is expected to be completed in 2020.
Cricket Valley is the second CCGT power plant that Bechtel has undertaken for Advanced Power. Construction of the first plant, the Carroll County project in Ohio, started in 2015 and is due to be completed later in 2017.
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