Advanced Power sells 10% interest in South Field Energy project in Ohio to Chugoku
BOSTON, July 1, 2019 /PRNewswire/ -- Advanced Power is pleased to announce that it has sold a 10% membership interest in South Field Energy Partners LLC ("South Field Energy Partners") to Chugoku America Power America, LLC ("CEPA"), an affiliate of The Chugoku Electric Power Co., Inc. ("Chugoku"), a leading electric utility in Japan. South Field Energy Partners is the 100% indirect owner of South Field Energy LLC which owns an approximately 1,182 MW low-carbon natural gas-fired combined cycle electric generating facility currently under construction in Columbiana County, Ohio ("South Field Energy") with commercial operation scheduled for mid-2021. Upon achievement of commercial operation, South Field Energy will sell capacity, energy and ancillary services into PJM, the largest regional transmission organization within the United States.
South Field Energy achieved financial close in August 2018 and was developed by Advanced Power, which will also be the construction and asset manager for South Field Energy. Advanced Power is a leading developer, owner and manager of low-carbon electric generating facilities in North America and Europe, and in addition to South Field Energy, Advanced Power also developed, financed and now manages the approximately 700 MW Carroll County Energy facility in Carroll County, Ohio and approximately 1,100 MW Cricket Valley Energy facility in Dover, New York.
"We are delighted that Chugoku, one of Japan's largest electric utilities, has joined the South Field Energy investor group of Advanced Power, Development Bank of Japan Inc., Idemitsu Kosan Co., Ltd., JXTG Nippon Oil & Energy Corporation, Kyushu Electric Power Co., Inc., NH-Amundi Asset Management Co., Ltd., PIA Investment Management Co., Ltd. and Shikoku Electric Power Co., Inc. and we view Chugoku's investment as a strong endorsement of the South Field Energy project," said Thomas Spang, Advanced Power's CEO. "Chugoku's investment in South Field Energy, which is designed to be among the cleanest, most efficient and most reliable low-carbon electricity producers of its kind, is a vote of confidence in Advanced Power and further enhances our reputation as a leading developer and manager of electric generating assets."
Bechtel, a global leader in the design and execution of complex power projects for more than 60 years, is undertaking the engineering, procurement and construction of South Field Energy. South Field Energy will create approximately 1,000 construction jobs during its peak period.
South Field Energy will use two General Electric 7HA gas turbines, each with an associated GE heat recovery steam generator and steam turbine generator and will produce enough electricity to power approximately one million homes.
About Advanced Power AG
Advanced Power is a privately-owned company established in 2000 to develop low-carbon and renewable electric generating projects in Europe and North America. Advanced Power has more than 7,000 MW in operation, under development, construction or management in the United States and Europe. Together with the South Field project, the 700 MW Carroll County facility in operation in Carroll County, Ohio and the 1,100 MW Cricket Valley facility under construction in New York, Advanced Power has developed three major infrastructure projects in the United States in 3½ years. Majority-owned by its senior management and Board members, Advanced Power has an office in Boston and is registered in Zug, Switzerland.
CONTACT: Jim Cyphert, 330-492-5500 x 8162, jim.cyphert@innismaggiore.com
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SOURCE Advanced Power
