Ares EIF utilized debt financing from GE Energy Financial Services, CIT Bank and Investec to purchase the engine that will be used to power its Birdsboro Power combined-cycle power plant in Birdsboro, Pa., according to a news release.
When fully installed, the Birdsboro plant will produce 488 megawatts upon commercial installation in 2019.
“We’re able to provide critical financing to complete this project and deliver the world’s most efficient combined-cycle technology so that Birdsboro can provide more reliable, flexible and efficient power for the people of Pennsylvania,” said Joe Mastrangelo, president and CEO of GE Gas Powered Systems, in the release.
The gas turbine will be manufactured in Greenville, and the steam turbine in Schenectady, N.Y. The turbines will “operate in single-shaft combined-cycle configurations, providing the flexibility required to add highly-efficient, reliable power to the grid as needed,” the release said.