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CPV's Sentinel sets peaking penchmark
12 October 2011
Competitive Power Ventures’ financing for the Sentinel gas-fired peaker had a challenging development process. But the deal shifted the market benchmark for US power. By John Foster, executive vice-president, and Paul Buckovich, vice-president, Competitive Power Ventures.
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[cpv]
[mitsubishi]
[ge efs]
[california]
[peaking]
[sce]
Breaking the log-jam for Southern California gas-fired development projects and resetting the market for project financing across the continent, CPV Sentinel closed financing and entered construction on its $900 million, 800MW gas-fired peaking facility near Palm Springs, California, in May of this year. This article summarises the development challenges the project faced, and details its financing terms.
Southern California development: Not for the faint-hearted
Competitive Power Ventures (CPV) began development of the Sentinel project in 2006 in partnership with GE. In response to the announcement of a power purchase solicitation by Southern California Edison (SCE), CPV Sentinel located an excellent site at the far eastern end of SCE’s reliability area next to the Devers substation and SoCal Gas’ main pipeline. Over the course of 2007 and 2008, CPV Sentinel successfully bid into both the fast and standard tracks of SCE’s solicitation and signed power purchase agreements (PPAs) for 728MW (the capacity of...
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