Competitive Power Ventures (CPV), GE Energy Financial Services and ArcLight Capital Partners 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, New Jersey – 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 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 with New Jersey utilities, and energy through a hedge.
Construction of the project begins this quarter, and it is expected to enter commercial operation as soon as the first quarter of 2016.
GE’s Power & Water business is supplying its FlexEfficiency 60 combined-cycle technology as well as engineering services for the 700 MW, 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.