GE Capital Markets Arranges Financing for CPV Facility
Competitive Power Ventures (CPV), GE Energy Financial Services and ArcLight Capital Partners announced 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, 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 Competitive Power Ventures, 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.
GE Energy Financial Services served as the administrative agent, and — through GE Capital Markets — 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.
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.