Construction of $1.3 billion CPV facility to begin

Three Rivers Energy Center to be built in Goose Lake Township

Construction of a state-of-the-art generation facility in Goose Lake Township will begin now that final paperwork was signed Monday.
Competitive Power Ventures [CPV]. a partnership between GE Energy Financial Services, Osaka Gas USA, Axium Infrastructure and Harrison Street, is building what will be called CPV Three Rivers Energy Center which will generate electricity using natural gas.
CPV Three Rivers, to be located on Collins Road in Goose Lake Township, will operate a dueled 1,250 megawatt natural gas electric generation facility using GE’s latest highly efficient HA turbine technology.
“CPV is pleased to announce the financing of CPV Three Rivers, continuing our string of success in bringing another state-of-the-art electric generating project that will modernize the nation’s electric grid by generating safe, reliable, cost effective and environmentally responsible electric power.” said CPV CEO Gary Lambert.
The project represents over $1.3 billion in investment, including $875 million in support from a group of 14 international financial institutions and investment from the equity partners.
Construction, which is led by Kiewit Power Constructors Co., will commence shortly and commercial operation is expected to begin in 2023.
The facility will sell its power into the PJM market, enough to meet the demand of up to 1.25 million homes and businesses serving Northern Illinois, including Chicago.
“As a staunch supporter of the CPV Three Rivers project during its development, I could not be happier to see CPV and their partners reach this critical milestone. Not only are they enhancing the region’s energy corridor by constructing a state-of-the-art generation facility in Grundy County, but also becoming an integral part of our community, committed to supporting our first responders and local schools,” said State Senator Sue Rezin.
Senator Patrick Joyce stated, “After years of development, I am pleased to officially welcome CPV Three Rivers to Grundy County. The project will provide long-term, high-paying jobs while increasing the resiliency, security and affordability of our supply.”
The plant will feature two combustion turbines, two heat recovery systems and two steam turbines. The facility can quickly respond to demand changes introduced with the growing deployment of renewable generation.
“As the former chairman of the Grundy County Board, I met with CPV early on in its development process and was impressed with their prowess. The location they uncovered for a new power generation facility is ideal and I’m happy to have this major infrastructure project in the 75th District that I serve as state representative,” said State Rep. David Welter.
At peak construction, more than 500 union workers will be onsite. Once operational, the energy center will require a staff of 25 full-time personnel and approximately 75 additional jobs will be created to provide ongoing services to the plant.
“Grundy County is fortunate to have attracted one of the most esteemed independent power producers in the country to develop, build and operate the CPV Three Rivers Energy Center,’ said Nancy Norton, CEO and president of the Grundy Economic Development Council [GEDC].
The project enjoys strong support from residents, business, labor and elected leaders in Grundy County and will yield substantial local and regional benefits, including hundreds of millions of dollars in private infrastructure investment and new tax revenues for local governments and businesses.
“We are pleased to have a company like CPV join our community and that they re committed to being a good corporate citizen and supporting our local schools,” said Dr. Kent Bugg, superintendent of Unit 1 School District.
CPV Three Rivers has executed a long term redevelopment agreement that will help support Grundy County’s tax base, services and economic development. These fund will be used to support local schools, offset reducing revenue streams, and improve infrastructure.
“CPV Three Rivers brings a tremendous boost to the local economy. We are very thankful to CPV and their partners for investing in our community for the long term. As CPV Three Rivers reaches their intended capacity, they will become one of our largest taxpayers and will energize our economic with funds for our schools, first responders and families for many years,” said Grundy County Board Chairman Chris Balkema.
“CPV Three Rivers has generously shown its support for our community and heritage by sponsoring Cabin festival for the last five years,” remarked Char McDade, president of the Goose Lake Prairie Partners. “We’re happy that they have achieved project financing and welcome them to Grundy County to be a part of our collective future.”