GE Energy Financial Services Plans to Construct 512-Megawatt Towantic Energy Center

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Researched by Industrial Info Resources (Sugar Land, Texas)--GE Energy Financial Services, a unit of General Electric (NYSE:GE) (Fairfield, Connecticut), has selected Gemma Power Systems (Glastonbury, Connecticut) as the engineering, procurement and construction firm to build the 512-megawatt (MW) Towantic Energy Center in Oxford, Connecticut.

In 1999, Calpine Corporation (NYSE:CPN) (San Jose, California) proposed to build, own and operate the plant. The center was expected to begin construction in 2000 and go online in early 2003; however, Calpine put the project on hold because of uncertain market conditions. In 2006, Towantic Energy LLC (Boston, Massachusetts), owned by then-bankrupt Calpine, won the right to construct the plant. GE Energy Financial Services then negotiated a deal with Calpine in 2007 and assumed plans to build the estimated $300 million gas-fired facility, which will have two 172-MW GE MS7001FA gas turbines, two heat-recovery steam generators and one 164-MW GE steam turbine.

Assuming market conditions improve, GE expects to begin building the plant in mid- to late 2009. Construction could be complete in 2012.

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