Ullico Inc. closed a nearly $58 million investment in the Carroll County Energy Project, a 700 MW combined cycle natural gas electric generating facility to be constructed in northeastern Ohio.
The facility will sell energy, capacity and ancillary services into the PJM, the world’s largest wholesale power market that spans 13 Mid-Atlantic and Midwestern states. The project has generation capacity to power about 750,000 homes.
About 700 union construction jobs are expected to be created during peak construction as well as 20 to 30 well-paying permanent jobs during operation. Advanced Power developed the project and will serve as construction and asset manager. Bechtel Power is building the project under a turnkey construction contract. Ethos Energy will operate the facility.
The project is strategically located near the Utica and Marcellus natural gas production, as well as AEP’s 345 kV transmission lines and Kinder Morgan’s Tennessee Gas Pipeline system and will employ efficient General Electric gas turbines to produce low-cost energy to serve the energy needs of the Midwest.
Ullico Inc., through its infrastructure business, currently has investments in the utility and energy sectors and is exploring opportunities in all core sectors including transportation and social infrastructure.