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GE Announces Largest Debt Financing this Year for a Thermal Power Plant in the US
GE just announced the largest debt financing this year for a thermal power plant in the US. Located in Riverside County, California, the massive 800 MW Sentinel Facility will help facilitate the integration of renewable energy into the power grid. The plan is being funded by a union of mega companies including GE Energy Financial Services, Diamond Generating Corporation and Competitve Power Ventures, and when it is completed it will produce enough power for 239,000 homes.
The thermal plant is part of California’s program to derive 33% of its power from renewable energy by the year 2020. In addition to the CPV Sentinel Facility, Riverside will welcome the Blythe Solar Project, a 968 megawatt solar power plant, driving the state even further toward their goal.
Aside from generating power, the $2 billion project will also give way to 300 construction jobs and 400 employment jobs — expected to inject $55 million into the local economy. Sales tax alone from the project will bring $30 million, and property taxes will provide the county with an additional $6.4 million.
Coupled with the Blythe Solar Project, the plants will create a safe way for the Coachella Valley and Los Angeles area to receive power. Other projects included individual solar panels, wind power, geothermal and hydroelectric projects are being constructed around the state to reach the 33% goal. The CPV Sentinel Facility is slated for construction immediately.
Via Clean Technica
Lead photo by Peter Hellberg
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