CPV, GE & DGC, joined by business,
state and local leaders, to celebrate job creation and cleaner energy at
groundbreaking of 800-megawatt CPV Sentinel Energy Project in Riverside County,
Calif.
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State-of-the-art project provides reliable power for renewable energy expansion
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DESERT HOT SPRINGS, CALIF.-July
28, 2011-Competitive
Power Ventures, Inc. (CPV), GE Energy Financial Services and Diamond Generating
Corporation (DGC) announced today that they have broken ground on their
co-owned, gas-fired 800-megawatt (MW) CPV Sentinel Energy Center in Riverside
County, California.
The
$900 million CPV Sentinel power plant is located near Desert Hot Springs, five
miles northwest of Palm Springs. It is expected to create 300 construction jobs
with a $40 million payroll, along with nearly 400 indirect jobs with a $15
million payroll. The project will provide an estimated $30 million in sales tax
during construction and an estimated $6.4 million in annual property taxes once
operational in the summer of 2013.
Joining
the three companies for the groundbreaking was a bipartisan group headlined by
Assembly member V. Manuel Perez, the author of a California state law that was
critical in the project’s development. Also in attendance was the co-author of
the law, Assembly member Brian Nestande, Riverside
County Supervisor (and former State Senator) John Benoit, as well as long-time
local supporters, including Riverside County Supervisor Marion Ashley and
Desert Hot Springs Mayor Yvonne Parks along with City Councilmember’s from
Desert Hot Springs and Palm Springs.
“We
are incredibly proud of the jobs our project is creating at this pivotal time
in the recovery of the economy,” said Doug Egan, CEO of Competitive Power
Ventures. “So many people and organizations contributed to making this project
a success; it was truly an amazing effort between the public and private
sector.”
Gemma
Power Systems California, Inc. is the general contractor overseeing
construction of the project. CPV Sentinel will supply power to the Coachella
Valley and Los Angeles Basin under a long-term power purchase agreement with
Southern California Edison, an Edison International (NYSE: EIX) company. CPV
will manage the project, while DGC will serve as the plant’s operator.
“Today’s
groundbreaking marks a great milestone made possible by CPV’s vision and
persistence, GE’s energy project development partnership capabilities and
technology, the cooperation of governments and our neighbors, and now the
workers who will build this project that will facilitate the growth of
intermittent energy sources like wind and solar in southern California,” said
Alex Urquhart, president and CEO of GE Energy Financial Services.
Using
eight of GE’s efficient, quick-starting LMS100 gas turbines, the CPV Sentinel
power plant will help prevent blackouts during extremely hot weather by
providing peak power on demand. Given CPV Sentinel's close proximity to 600 MW
of wind farms, the project also will support California in meeting its goal of
generating 33 percent of its power from renewable sources by 2020 by
facilitating the integration of wind and solar power into the electric grid.
When it becomes operational, the project will be able to power approximately
640,000 homes.
“With
our headquarters in downtown Los Angeles, and our Indigo Energy Facility only a
mile or so down the road from Sentinel, we have been a part of the local
economy in Southern California for more than 2 decades,” noted DGC Senior Vice
President Bo Buchynsky. “We especially appreciate
having another project in our backyard, where we can continue to support the
local economy and be part of Southern California’s energy future.”
CPV,
the managing member and developer, owns 25 percent of the project, while DGC
and GE own 50 percent and 25 percent, respectively.
Click
here for photos of the
project under construction.
Caption
for photo: Construction of the 800-megawatt CPV Sentinel Energy Project,
co-owned by CPV, GE Energy Financial Services and DGC, is officially underway.
Located close to 600 MW of wind farms in Riverside County, Calif., the
quick-starting plant will facilitate the integration of wind and solar power
into the electric grid and prevent blackouts by providing peak power on demand.
# # #
About GE Energy Financial
Services
GE
Energy Financial Services’ experts invest globally across the capital spectrum
in essential, longlived, and capital-intensive energy
assets that meet the world’s energy needs. In addition to capital, GE Energy
Financial Services offers the best of GE.’s technical know-how, technology
innovation, financial strength, and rigorous risk management. Based in Stamford,
Connecticut, the GE business unit helps its customers and GE grow through new
investments, strong partnerships, and optimization of its $21 billion in
assets.
About GE
GE
(NYSE: GE) is an advanced technology, services and finance company taking on
the world's toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. GE also serves the energy sector by
providing technology and service solutions that are based on a commitment to
quality and innovation. The company continues to invest in new technology
solutions and grow through strategic acquisitions to strengthen its local
presence and better serve customers around the world. The businesses that
comprise GE Energy www.ge.com/energy-GE Power & Water, GE Energy Services
and GE Oil & Gas-work together with more than 90,000 global employees and
2010 revenues of $38 billion, to provide integrated product and service solutions
in all areas of the energy industry including coal, oil, natural gas and
nuclear energy; renewable resources such as water, wind, solar and biogas; as
well as other alternative fuels and new grid modernization technologies to meet
21st century energy needs.
About Competitive Power Ventures
Competitive
Power Ventures, LLC (CPV) is dedicated to increasing North America's
sustainability; both economically and environmentally. Using domestically
available energy sources, like wind and natural gas, and partnering with host
communities to support their tax base and school districts, CPV works to
stabilize and improve local and state economies. CPV's corporate mission is
built around a belief that progressive companies can be powerful agents of
change for a better world and a cleaner environment. To this end, we have
focused our core activities around developing and operating energy facilities
that can make a significant difference in improving the environments and
economic circumstances of the regions in which they are located. Headquartered
in Silver Spring, Md., with offices in Braintree, Mass., San Francisco, Calif.,
and Toronto, Ontario, the company currently has 5,965 MW of conventional
generation projects in various stages of development. The company's Asset Management
division has ramped up to more than 4,737 MW of natural gas generation under
management and has expanding into wind generation facility management. CPV
Renewable Energy Company (REC) is currently developing 4,452 MW of wind power
projects across North America, with plans for more. CPV REC has recently
expanded its development portfolio to include utility scale solar power
generation.
About Diamond Generating
Corporation
As
a wholly owned subsidiary of Mitsubishi Corporation, one of the world's most diverse
enterprises, with over 500 subsidiaries and affiliates worldwide, Diamond
Generating Corporation has developed a reputation for financial strength and
long-term stability. Our expertise in power development and generation,
including greenfield development, acquisition, fuel procurement, financing,
construction, operations management and asset management has resulted in a
portfolio of efficient, state-of-the-art, environmentally sound generating
facilities.
Headquartered
in Los Angeles, DGC currently owns 10 operating power generating facilities
around the U.S. totaling 6,226 MW, with about 2,000 MW of net equity. Of these
projects, two are wind projects, the 125-MW Goshen II Wind Project in operation
and the 80-MW Rockland Wind Project, which is under construction. The remainder
of the portfolio is natural-gas fired. DGC currently operates two of its
facilities in Southern California.
###
For
more information, contact:
Braith Kelly
Competitive
Power Ventures (860) 546-2008
Rick
Goins
GE
Power & Water
+1
713 803 0366
Jayne Cubos
Diamond
Generating Corp.
+1
213 621 0971