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Publish Date : 23-Sep-2013

Competitive Power Ventures (CPV), GE Energy Financial Services and ArcLight Capital Partners announced today that they have closed financing for the $842 million CPV Woodbridge Energy Center. GE is providing financing, advanced power generation technology and services for the electric generating facility under construction in Woodbridge, N.J.-six miles from where Thomas Edison designed the world's first reliable electric light bulb 134 years ago.

The project is owned by CPV, ArcLight Capital Partners and Toyota Tsusho and will be operated by an affiliate of co-owner ArcLight. It is expected to sell its capacity through 15-year Standard Offer Capacity Agreements (SOCA) with New Jersey utilities and energy through a hedge.

The CPV Woodbridge project will help turn the site of a former chemical plant into a productive cleaner power generation facility. It will generate enough electricity to power 700,000 homes, helping New Jersey meet its energy demand while improving the state electric system's reliability and environmental profile. Construction of the project begins this quarter, and it is expected to enter commercial operation as soon as the first quarter of 2016.

"Land reclamation, environmental benefits, strong community acceptance, a powerful economic impact and labor support: This project is what smart energy development looks like in 2013," said Gary Lambert, president of Competitive Power Ventures. "We thank New Jersey Governor Chris Christie and Woodbridge Mayor John E. McCormac for their vision and their staffs' hard work."

GE Energy Financial Services served as the administrative agent and-through GE Capital Markets, Inc.-as CPV Woodbridge Energy Center's primary lead arranger and bookrunner to anchor $561 million in senior secured credit facilities. GE Energy Financial Services and nine banks are providing the credit facilities. Financial details were not disclosed.

GE's Power & Water business is supplying its FlexEfficiency* 60 combined-cycle technology as well as engineering services for the 700-megawatt, natural gas-powered project. GE also will support the long-term availability of the CPV Woodbridge Energy Center through a 16-year contractual services agreement (CSA).

"We have a long relationship with GE, a proven company that provides the full scope of project needs, from financing to equipment and services," added Lambert. "GE's advanced, highly efficient and flexible combined-cycle technology will help us provide one of the most competitive energy sources to New Jersey's ratepayers." Included in the project's $260 million GE equipment and services order is the company's FlexEfficiency 60 combined-cycle engineered equipment package.

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