Project Financing closed and EPC selected for Moxie Freedom Combined Cycle Power Plant

Moxie Energy and Caithness Energy has closed financing and selected an EPC contractor to develop the the 1000 MW Moxie Freedom gas-fired project in Pennsylvania, USA.

The total project investment is estimated at US$800 million.  BNP Paribas, Citigroup, GE Financial Services and MUFG Union Bank are coordinating lead arrangers on the US$600 million deal.

Additionally, Gemma Power Systems, LLC (GPS) has received Full Notice to Proceed (FNTP) with activities under an Engineering, Procurement and Construction contract from Caithness Moxie Freedom, LLC for a 1 GW Combined Cycle Natural Gas-Fired Power Plant in Salem Township, Luzerne County, PA.

Construction on the facility will begin this year with completion scheduled in 2018. The facility is owned by Moxie Freedom Holdings, a subsidiary of Moxie Energy and Caithness Energy.

The Freedom generating project features two identical single shaft power trains consisting of GE 7HA.02 combustion turbines, heat recovery steam generators (HRSG), steam turbines and generators. The HRSG will have a Selective Catalytic Reduction System for NOx control and an oxidation catalyst to reduce CO2 and VOC emissions. The plant will be fueled exclusively by natural gas.

William F. Griffin Jr., Chief Executive Officer of Gemma Power Systems, stated:

“We’re very pleased to working with Caithness Energy and once again with Moxie Energy and appreciate the confidence they have shown in us to design and build another state-of-the-art power facility for them.”

The Caithness Moxie Freedom power generation plant joins two 800 MW facilities developed by Moxie that are currently under construction by Gemma in northeastern Pennsylvania. The twin 800 MW projects, owned by Panda Power Funds, are Panda Liberty in Towanda, PA and Panda Patriot in Montgomery, PA. All three power facilities are specifically developed and sited to take advantage of the Marcellus Shale natural gas deposit.