Subject: FNC
Advanced Power sells 15% interest in South Field Energy project in Ohio to JXTG
BOSTON, May 14, 2019 /PRNewswire/ -- Advanced Power is pleased to announce that it has sold a 15% membership interest in South Field Energy Partners LLC ("South Field Energy Partners") to ENEOS Power USA LLC ("ENEOS"), an affiliate of JXTG Nippon Oil and Energy Corporation ("JXTG."), a leading oil and energy company 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 and energy into PJM, the largest regional transmission organization within the United States.
South Field Energy, which achieved financial close in August 2018, was developed by Advanced Power, a leading developer, owner and manager of low-carbon electric generating facilities in North America and Europe. In addition to South Field Energy, Advanced Power also developed, financed and now manages the approximately 700 MW Carroll County Energy project in Carroll County, Ohio and approximately 1,100 MW Cricket Valley Energy project in Dover, New York.
"Advanced Power is very pleased that JXTG, through its affiliate ENEOS, has chosen to partner with Advanced Power and join the South Field Energy investor group, along with Advanced Power, Bechtel, Development Bank of Japan, Kyushu Electric Power, NH-Amundi Asset Management, PIA Asset Management, Shikoku Electric Power and Showa Shell Sekiyu," said Thomas Spang, Advanced Power's CEO. "This investment by JXTG, one of Japan's largest oil and gas, energy and metals companies, is another vote of confidence in Advanced Power and South Field Energy, which is designed to be among the cleanest, most efficient and most reliable low-carbon electricity producers of its kind."
South Field Energy will sell energy, capacity and ancillary services into the PJM market. Advanced Power, which led the development of the facility, is the construction and asset manager for South Field Energy.
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.
For additional information, contact:
Jim Cyphert: (330) 501-9886 or [email protected]
SOURCE Advanced Power
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