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• Bechtel places order for an engineered equipment package each consisting of three GE gas turbines, three GE steam turbines, three GE heat recovery steam generators, and other combined cycle equipment
• GE Capital’s Energy Financial Services helped to secure $1 billion in financing for the project
• When completed, Cricket Valley Energy Center is expected to be the most efficient combined cycle power plant in the state
With the help of GE’s latest power generation technology and financing from GE Capital, CVEC is expected to be the most efficient combined cycle power plant in the state upon commercial operation in 2020.
“We are committed to helping New York State meet its growing energy needs sustainably and we are pleased to select GE’s combined-cycle power generation technology for this important facility,” said Scott Osborne, global sector lead for Bechtel’s power business. “The addition of Cricket Valley to our portfolio of projects firmly establishes Bechtel as the leading engineering contractor for combined-cycle power generation in the U.S.”
“Together with Bechtel, GE plans to deliver the most efficient combined-cycle power plant in New York State," said Joe Mastrangelo, president & CEO, GE Gas Power Systems. “CVEC will be powered by our expanded portfolio of products and solutions including our industry-leading F-class turbines and will set the standard, not only for efficiency, but also when it comes to providing more reliable and flexible power than ever before.”
In addition to the equipment order, GE, through GE Capital’s Energy Financial Services, served as a co-lead arranger and administrative agent to help secure approximately $1 billion in senior-secured credit facilities for the project, which will be used to support construction and operations of the plant.
“We are pleased to support the Cricket Valley Energy Center, and GE’s valued customers, with an attractive package that includes market-leading financing and leading power equipment,” said Denise Persau Tait, managing director of the debt group at GE Energy Financial Services.
Advanced Power, the developer of CVEC, selected Bechtel as the engineering, procurement and construction partner for the project. Bechtel’s EEP order will include three 7F.05 gas turbines, three steam turbines, three heat recovery steam generators and additional equipment. GE’s F-Class gas turbine is an industry leader and now has the world’s largest fleet with more than 1,300 units installed worldwide with more than 72 million fired hours in service. GE Power Services has also signed a multi-year services agreement for continued maintenance, including three major inspections, of the facility's power generation equipment. In total, CVEC will generate 1,100 MW of combined cycle power and help offset potential power disruptions due to the retirement of the nearby Indian Point nuclear power facility.
About Cricket Valley Energy Center, LLC
Cricket Valley Energy Center (cricketvalley.com) is an approximately 1,100-megawatt natural gas fired electric generation facility located in Dover, New York scheduled for operation in 2020. The facility is owned by JERA Co., Inc., TIAA Investments, Advanced Power AG, BlackRock Financial Management Inc., Development Bank of Japan, Inc. and NongHyup Financial Group.
About GE
GE (ge.com) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.
About GE Power
GE Power (gepower.com) is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services (geenergyfinancialservices.com) 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.
Contact: Jaclyn Cole - GE Energy Financial Services, Communications Manager
P: +1 203-961-2934 / M: +1 203-219-7463
E: jaclyn.cole[.]ge.com.
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melissa1.quesnel[.]ge.com 
