Carlton Power has signed agreements with a General Electric-led consortium to develop its 1.8GW Trafford Power combined cycle gas turbine (CCGT) power station project in Greater Manchester, UK.
The consortium is formed by GE, and two Spanish fimrs, Tecnicas Reunidas and Ferrovial Agroman. The team has been appointed as EPC (engineering, procurement and construction) contractor of the project.
Construction on the Trafford Power station is expected to start mid-2015 with operations commencing towards the end of 2018. The project will utilise the latest CCGT technology with greater efficiency and flexibility than the UK’s current fleet of gas-fired power stations.
The total project investment is estimated at £1.2 billion (US$1.99 billion).
Two weeks ago Carlton Power appointed Macquarie Capital its exclusive financial adviser on the project. The firm was appointed to raise capital for the project and will be approaching potential equity investors and debt providers to commence discussions leading up to DECC’s Capacity Market Auction in December this year.
Macquarie's appointment followed the recent appointment of Marsh Limited as insurance advisers.
Carlton Power has also signed an agreement to take over GE's stake in a planned 1.5 GW plant which will be located near Doncaster, UK.