Advanced Power Closes Financing for $1.3B Power Plant
YOUNGSTOWN, Ohio – Advanced Power has closed financing for the construction of a $1.3 billion electric generation plant, South Field Energy, near Wellsville, the company announced Thursday.
With the financing, construction can begin on the 1,182-megawatt plant. According to Advanced Power, the plant will be able to power 1 million homes.
Engineering and construction for the project, which uses two General Electric gas turbines, will be provided by San Francisco-based Bechtel Corp. Advanced Power estimates the plant will create a peak of 1,000 construction jobs and the plant will go on line in the second quarter of 2021.
“The community has supported South Field Energy from the beginning,” said Advanced Power CEO Thomas Spang in a release. “The environmental, economic and regional tax-based benefits are clear and well understood. The community has worked closely with us and we are pleased to be able to deliver our second major project in Ohio.”
The company, based in Boston, also operates a plant in Carroll County. The plant was first announced in 2015. It will sit on a 150-acre parcel in Yellow Creek Township, east of Wellsville.
Financing for South Field Energy is through Credit Agricole Corporate & Investment Bank, CIT Group Inc., GE Energy Financial Services, NH Investment & Securities Co. alongside 10 other commercial banks that are providing senior secured credit and other credit facilities.
“I am grateful to the Columbiana County community for its continued support in bringing this project to fruition,” said South Field Energy project manager Zachary Gordon. “We look forward to starting construction and ultimately providing electricity from a facility that will be among the cleanest and most efficient of its kind.”
Copyright 2024 The Business Journal, Youngstown, Ohio.