Lordstown Energy Center Will Soon Begin Construction
April 8, 2016
The paperwork for the Lordstown Energy Center, a gas-fueled power plant in the Lordstown Industrial Park, is finalized, preparing the way for construction to start next week.
Full story below from Kallanish Energy.
Macquarie Infrastructure Partners III and Siemens Financial Services on Wednesday said they will construct the Lordstown Energy Center (LEC), a 940-megawatt (MW) combined-cycle gas turbine (CCGT) power plant.
The LEC site is located roughly 50 miles southeast of Cleveland, Ohio, in the village of Lordstown, sitting astride the Marcellus and Utica Shale gas plays, Kallanish Energy reports.
Project developer Clean Energy Future will retain an interest in the project. Siemens will serve as the engineering procurement construction (EPC) contractor and provide the gas turbines, steam turbine, and generators.
“Lordstown Energy Center is a very high quality energy infrastructure project with which we are proud to be associated,” said Chris Leslie, CEO of Macquarie Infrastructure Partners (MIP) III.
MIP III will provide 73% of the equity investment and Siemens Financial Services will provide the remaining 27%. A consortium of banks led by Industrial & Commercial Bank of China, Credit Agricole, Bank of America Merrill Lynch and Investec, will provide the $445 million term debt to fund the construction.
LEC is a “shovel ready” project, having received all required approvals and permits. Construction will begin immediately.
Power produced by LEC will be delivered into the PJM market, which serves more than 60 million customers, and will be capable of producing enough power to supply roughly 800,000 homes.
The plant will replace a portion of the more than 18,000 MW of coal-fired generating capacity in the region that has been retired since 2012.
The facility is expected to begin commercial operations in the summer of 2018.