Funds managed by BlackRock’s alternative solutions group, in partnership with BlackRock Real Assets, are to invest approximately 10 per cent in the 1,100 MW combined cycle gas turbine (CCGT) Cricket Valley electric generating facility.
Construction of the plant, which will use General Electric 7FA.05 combustion turbine generators, is expected to begin in Q4 2016 and is projected to be completed in Q4 2019.
Once constructed, the project will benefit from an attractive location providing electricity to a supply-constrained lower Hudson Valley and New York City markets.
“We’re pleased to partner with Advanced Power on Cricket Valley and we look forward to growing our relationship in the future,” says David Giordano, head of the North American renewable power infrastructure team. “This transaction represents the strong growth in natural gas investment opportunities given the increased retirements in ageing generation facilities, and will bring much needed generation capacity to the supply-constrained Hudson Valley region.”
