The project is providing power based on short-term sales agreements now. Beginning in August, CPV Sentinel will supply electricity under a long-term power purchase agreement to Southern California Edison, an Edison International (NYSE: EIX) company. CPV, the managing member, developer and asset manager, owns 25 percent of the project, while DGC owns 50 percent and will serve as the plant's operator and GE Energy Financial Services owns 25 percent. The project is expected to provide $6.4 million in annual property taxes for the life of the asset.
GE's LMS100® aeroderivative gas turbine, which uses advanced intercooling technology, is the world's most efficient simple-cycle gas turbine. With an output of more than 100 megawatts, unmatched hot-day performance due to intercooling, and capable of operating on both gas and liquid fuels, the machine defines a new era of flexible and efficient power generation. The LMS100 provides full output within 10 minutes of a cold start. With unparalleled efficiency and flexibility, the LMS100 is an ideal solution for power generation planners and developers needing to support variable loads.
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About Competitive Power Ventures
Competitive Power Ventures, LLC (CPV) is dedicated to increasing
'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. Headquartered in
Silver Spring, Md.
, with offices in
San Francisco, Calif.
, the company currently has 5,000 MW of conventional generation projects in various stages of development. The company's Asset Management division has ramped up to more than 4,200 MW of natural gas generation under management and has been expanding into wind generation facility management. CPV Renewable Energy Company (REC) is currently developing 1,300 MW of wind power projects across
, with plans for more. CPV REC has recently expanded its development portfolio to include utility-scale solar power generation.
About GE Energy Financial Services
GE Energy Financial Services—GE's energy investing business—works as a builder, not just a banker, to help meet the world's power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE's core business. Drawing on GE's energy technical know-how, financial strength and risk management, we see value where others don't and take on our customers' toughest challenges with flexible equity and debt transaction structures. Based in
, GE Energy Financial Services holds an approximately
global energy portfolio. More information:
. Follow GE Energy Financial Services on Twitter:
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at
About Diamond Generating Corporation
As a wholly owned subsidiary of Mitsubishi Corporation, one of the world's most diverse enterprises, with over 500 subsidiaries and affiliates worldwide, Diamond Generating Corporation ("DGC") has developed a reputation for financial strength and long-term stability. DGC's expertise in power development and generation, including greenfield development, acquisition, fuel procurement, financing, construction, operations services and asset management has resulted in a portfolio of efficient, state-of-the-art, environmentally sound generating facilities. Headquartered in
, DGC currently owns 10 operating power generating facilities around the U.S. totaling 5,000MW, with about 1,850 MW of net equity. Of these projects, two are wind projects and the remainder of the portfolio is natural-gas fired. DGC currently operates four of its facilities in
SOURCE Competitive Power Ventures