Competitive Power Ventures, Marubeni Corporation & Toyota Tsusho Break Ground on 725 Megawatt CPV St. Charles Energy Center in Maryland

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Dec 02, 2014, 01:35 ET

CHARLES COUNTY, Md., Dec. 2, 2014 /PRNewswire/ -- Maryland-based Competitive Power Ventures (CPV) and partners Marubeni and Toyota Tsusho broke ground today on the $775 million, 725 megawatt CPV St. Charles Energy Center in Waldorf, Charles County, Maryland.

Located 25 miles southeast of Washington, DC, the CPV St. Charles Energy Center is a state-of-the-art 725-megawatt (MW) combined-cycle natural gas-fired electric power generating facility using two reliable, highly efficient GE 7F.05 Gas Turbines and a GE D402 Steam Turbine. The project will be constructed by SNC Lavalin Constructors Inc. and operated by EthosEnergy Power Plant Services, LLC.

The project will sell its capacity, energy and ancillary services into the transmission-constrained SWMAAC zone of the PJM market, powering 700,000 homes. The benefits of a reliable water supply for efficient wet cooling, as well as the site's proximity to PEPCO 230 kV transmission lines and the Dominion Cove Point natural gas pipeline, make this one of the most cost competitive projects in PJM.

The project has received strong support from Charles County and other key stakeholders in Maryland and will provide substantial reliability, economic, socioeconomic and environmental benefits to residents and electric consumers. It is expected that approximately 350-400 construction jobs will be created during peak construction, and about 24 well-paying permanent jobs will be created once the project is completed. It is expected to become one of the largest taxpayers in Charles County.

"Today's groundbreaking is a major milestone for the CPV St. Charles Energy Center, Charles County and the people of the great state of Maryland," said Doug Egan, CPV's Chief Executive Officer. "We are deeply grateful to our partners Marubeni and Toyota Tsusho, the entire CPV team and the many elected representatives, regulators and local officials who worked so hard to make this project a reality. The positive benefits created by this project for the people of this region, have already begun and will continue for decades to come."

Once constructed and operational, the CPV St. Charles Energy Center will be one of the most efficient combined-cycle facilities in PJM.

CPV: Energizing North America's Future

Competitive Power Ventures, LLC (CPV) is dedicated to increasing America's sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV's corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region. Headquartered in Silver Spring, MD, with offices in Braintree, MA, Houston, TX and San Francisco, CA the company currently has 5,000 MW of conventional generation projects in various stages of development across North America. The company's Asset Management division has ramped up to more than 4,700MWs of natural gas generation and wind power under management. CPV Renewable Energy Company is currently developing 1,300 MWs of wind power projects across North America. Find out more at www.cpv.com. Follow CPV on Twitter: @CPVEnergy.

About Marubeni Corporation

Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages businesses across a wide range of industrial sectors throughout the world, and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through the EPC business, with more than 98GW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990's, and now owns 10.9 GW of net generating capacity (35.4 GW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY. For more information, please visit www.marubeni.com or www.marubeni-power.com

About Toyota Tsusho Corporation

Toyota Tsusho is a general trading company that develops diversified businesses through 950 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 90 countries worldwide. With various activities, the group provides products and services in a broad range of business domains that are essential to achieving the creation of a prosperous and fulfilling society. Toyota Tsusho is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange. As recent transaction in North American power business, in 2010, Toyota Tsusho acquired a 45 percent interest in the Oyster Creek natural gas fired cogeneration plant in Freeport, Texas. In 2011, it increased to 50 percent its holdings in Goreway natural gas fired power plant in Ontario, Canada. Last year, Goreway completed C$832 million, which was the largest financing for a gas-fired power plant in Canada, and one of the largest financing deals in North America, in 2013. In addition, Toyota Tsusho acquires interest in CPV Woodbridge in order to obtain more and various financing experiences in North American power development market. The project is now under construction without any delay, targeting 2016 1Q COD. Toyota Tsusho intends to continue enhancing its overseas power generation business by seeking investments in projects that provide long-term and stable revenue promote energy-efficient power, and are environmentally friendly. For more information: www.toyota-tsusho.com