Daily News: January 30, 2017

GE Capital Agents $1B Financing for Bechtel Project

GE Capital placed an order with Bechtel for an engineered equipment package (EEP) to power the upcoming Cricket Valley Energy Center in Dover, NY.

GE Capital’s Energy Financial Services served as a co-lead arranger and administrative agent to help secure approximately $1 billion in senior secured credit facilities for the project, which will be used to support construction and operations of the plant.

When completed, Cricket Valley Energy Center is expected to be the most efficient combined cycle power plant in the state.

“We are committed to helping New York State meet its growing energy needs sustainably and we are pleased to select GE’s combined-cycle power generation technology for this important facility,” said Scott Osborne, global sector lead for Bechtel’s power business. “The addition of Cricket Valley to our portfolio of projects firmly establishes Bechtel as the leading engineering contractor for combined-cycle power generation in the U.S.”

“Together with Bechtel, GE plans to deliver the most efficient combined-cycle power plant in New York State,” said Joe Mastrangelo, president & CEO, GE Gas Power Systems. “CVEC will be powered by our expanded portfolio of products and solutions including our industry-leading F-class turbines and will set the standard, not only for efficiency, but also when it comes to providing more reliable and flexible power than ever before.”

“We are pleased to support the Cricket Valley Energy Center, and GE’s valued customers, with an attractive package that includes market-leading financing and leading power equipment,” said Denise Persau Tait, managing director of the debt group at GE Energy Financial Services.

Cricket Valley Energy Center is an approximately 1,100-megawatt natural gas fired electric generation facility scheduled for operation in 2020.