Ullico invests in U.S. power generation project
Ullico has closed a $58 million investment in the Carroll County Energy Project, a 700-megawatt natural gas–powered electric generating plant that will be constructed in northeastern Ohio. The project is expected to generate enough power for about 750,000 homes. The facility will sell energy, capacity and ancillary services into the PJM Interconnection, a wholesale power market that spans 13 mid-Atlantic and Midwestern states.
“This project serves a critical need to replace obsolete generation assets being retired in PJM and takes advantage of proximity to domestic natural gas production as well as transmission and pipeline infrastructure,” says Rohit Syal, head of acquisitions for Ullico’s infrastructure investments.
Advanced Power developed the project and will serve as construction and asset manager. Bechtel Power is building the project under a turnkey construction contract. Ethos Energy will operate the facility.