Gemma Power Systems has received full notice to proceed to start construction on a 475MW natural gas-fired power plant in Kings Mountain, North Carolina.
The company has secured an EPC services contract from NTE Energy affiliate NTE Carolinas for the project, which is expected to be completed in the second half of 2018.
The facility will incorporate an advanced Mitsubishi Hitachi Power Systems Americas M501GAC combustion turbine generator, a Vogt Power International supplementary-fired heat recovery steam generator, along with a Toshiba America Energy Systems steam turbine generator.
The power generated by the plant will be sold to nine municipal and state owned utilities in North Carolina and South Carolina, under individual long-term power sale agreements.
The project is being funded by a group of nine financial institutions, led by ING Capital and MUFG Union Bank, which offered $387m in various senior secured credit facilities. Capital Dynamics and Wattage Finance-NC, LLC is providing $218m in equity commitments for the project.
