now loading...
Wealth Asia Connect Treasury & Capital Markets Europe ESG Forum TechTalk
Asia Connect
Kospo-sponsored US power project reaches financial close
Construction will begin in four to six weeks, following long delays
Michael Marray 16 Nov 2022

Trumbull Energy Center’s gas-fired power plant in Ohio, whose sponsors include Korea Southern Power (Kospo), has reached financial close, and construction will begin in weeks.

The project has suffered long delays. In January 2017 Clean Energy Future, a consortium formed by Kospo, Korean Overseas Infrastructure & Urban Development Corp, and Siemens Energy, announced it would build a second Utica gas-fired power plant in Lordstown, next to the existing Lordstown Energy Center facility.

According to the original plan, the project would have financing in place by December 2017, break ground in January 2018, and be up and running by May 2020.

On November 3, the sponsors announced that in spite of all the delays, project financing has now been put in place for the 950-megawatt power plant, which will cost US$1.2 billion. Construction should begin in four to six weeks, and should take three years.

New York Stock Exchange-listed Argan said its wholly owned unit Gemma Power Systems received full notice to proceed on an engineering procurement and construction (EPC) services contract with Clean Energy Future-Trumbull.

This natural gas-fired combined cycle power station will consist of two Siemens Energy SGT6-8000H gas-fired, high-efficiency combustion turbines, with two heat recovery steam generators and a single steam turbine.

Gemma Power Systems provides solutions for the power industry, including the renewable energy sector. Its experience comprises 15 gigawatts of installed capacity including combined-cycle and simple-cycle natural gas power generating plants, biomass-fired power plants, solar facilities, wind farms, biofuel plants and other environmental facilities.

Argan's primary business is providing a full range of services to the power generation industry that focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations.

Law firm Milbank represented the project lenders in the Trumbull financing.

Conversation
Donald Amstad
Donald Amstad
global head of client growth
abrdn
- JOINED THE EVENT -
Webinar
APAC Climate Change Progress & Obstacles in 2022
View Highlights
Conversation
Giuliana Auinger
Giuliana Auinger
partner, sustainability business division, HK and SE Asia
Schneider Electric
- JOINED THE EVENT -
4th ESG Summit Webinar Series - Part 1
Paving the way toward net zero
View Highlights