Silver Spring, Maryland - [ October 24, 2017 ] - Today, Competitive Power Ventures (CPV), GE and Osaka Gas held the CPV Fairview Energy Center's groundbreaking ceremony onsite in Johnstown, Pennsylvania with local leaders, industry professionals, union representatives, and neighbors. Located 60 miles east of Pittsburgh, the facility is a $700 million, 1,050-megawatt (MW) natural gas and ethane-fueled combined-cycle electric generating station expected to begin commercial operations in early 2020.
"The CPV Fairview Energy Center will help modernize the grid and improve electric reliability while reducing our environmental footprint and creating significant economic development in the region." said CPV President & CEO Gary Lambert. "We are grateful for our strong partnership with GE and Osaka Gas, as well as the support we have seen from state and local officials notably that of Jackson Township who has welcomed us with open arms into the community."
Guest speakers for today's groundbreaking ceremony included Gary Lambert, CPV President & CEO; Eiichi Inamura, Osaka Gas USA Chairman; Katy Wilner, GE Power Region GM for Sales; Mike Pasquerilla, President of the Greater Johnstown Regional Partnership; and Bruce Baker, Chairman of the Jackson Township Supervisors.
The project has staunch support from Jackson Township and will yield substantial local and regional benefits. Those benefits include hundreds of millions of dollars in private infrastructure investment, significant revenue for the state in sales tax during construction and significant new revenues for local governments and businesses.
Jackson Township Supervisor Bruce Baker described the local experience working with CPV. "We are very grateful to be the location selected for the CPV Fairview Energy Center. CPV and its partners have focused on making this a mutually beneficial project. Once operational, CPV will support our Township with a $500,000 annual donation for the life of the project which we'll put to good use - there's really no better partner than CPV."
Greater Johnstown Regional Partnership President Mark Pasquerilla remarked, "CPV is a great community partner. This is a game-changing infrastructure investment for our region, bringing affordable clean energy!"
"We are proud to partner with CPV and Osaka Gas and break ground on the Fairview Energy Center, which will power more than one million homes using GE's latest H-class gas turbine technology, commented Tim Howell, Managing Director of Power & Development at GE Energy Financial Services, in his remarks at the ceremony.
CPV Fairview will utilize GE's 7HA.02 gas turbines, a steam turbine, generators and additional controls equipment. The HA is GE's largest and most efficient gas turbine, and in June of 2016, GE was recognized for powering the world's most efficient combined-cycle power plant with its HA technology. GE's HA technology also offers industry-leading flexibility - capable of delivering full power to the grid in under 30 minutes - and provides cleaner, more reliable and sustainable power to customers. CPV Fairview will be unlike any other similar plant as it will be fueled by a mix of natural gas and ethane.
"Osaka Gas is proud to partner with CPV and GE Energy Financial Services on this important project that will bring reliability to the grid while reducing our impact on the environment," said Osaka Gas USA Chairman Eiichi Inamura.
CPV, GE and Osaka Gas originally announced the project in March 2017 as co-developers. Once operational, the CPV Fairview Energy Center will require nearly two dozen new, well-paid jobs earning a total of $3-4 million in annual salaries and benefits, and it will be a valuable generating resource for the PJM market.
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About Competitive Power Ventures
Competitive Power Ventures (CPV) is dedicated to increasing America's energy sustainability by providing safe, reliable, cost effective and environmentally responsible power generation. Together with our investors, partners, host communities and other key stakeholders we are driven to improve North America's energy infrastructure by optimizing existing facilities and building new power generation using cutting edge, domestically available power technologies. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA, CPV has successfully developed or monetized 21 projects totaling 13.0 GW of natural gas-fired and renewable generation assets. CPV's Asset Management division currently manages 7,775 MW of fossil and renewable generating facilities in nine states for 10 different owner groups. For more information: www.cpv.com. Follow CPV on Twitter: @CPVEnergy
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital-intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects. It is headquartered in Stamford, CT with regional hubs in London, Houston, Hong Kong and Nairobi More information: www.geenergyfinancialservices.com; Twitter: @GEEnergyFinServ
About Osaka Gas USA
Osaka Gas USA Corporation ("OGUSA") is a wholly owned subsidiary of Osaka Gas Co., Ltd ("Osaka Gas") formed to develop, construct, acquire and manage energy businesses throughout North America. Established in 1897, Osaka Gas has over 100 years of experience in the energy sector and has grown into a diversified energy company, well-positioned across the entire natural gas value chain. Osaka Gas is a major natural gas and energy service provider serving over 6.0 million customers in central Japan. The Company accounts for approximately 25% of the entire natural gas market in Japan. Osaka Gas is actively pursuing investment opportunities consistent with its long-term "Going Forward Beyond Borders 2030" business plan. As a part of the vision, Osaka Gas plans to deploy $5 billion by 2030 in energy assets internationally. For more information: www.osakagasusa.com