Intergen Completes Debt Financing And Breaks Ground On 1200 Mw Cottonwood Energy Project In Texas
"We are very pleased to be moving forward with Cottonwood. We now have the foundation for rapid expansion in the North American market. Our significant turbine commitments, proven global track record, newly acquired Coral Energy assets and InterGen's equity holdings in Coral Marketing and Trading combine with our power asset development / deployment expertise, positioning us well for U.S. gas and power merchant markets," said Steve Weyel, President of InterGen North America.
Bechtel Power will build the facility under a turnkey contract. The Cottonwood facility is expected to begin commercial operations by mid 2003. Natural gas will be supplied to Cottonwood by two natural gas transportation pipelines, the Texas Eastern and Channel Industries pipelines, both of which pass through the project site. Coral Energy will supply energy management services to the project.
The project will have a significant positive economic impact on the area, creating approximately 25 permanent, full-time operations period jobs, as well as 500 to 750 peak construction period jobs. In addition, the construction and first year of operation of the project will result in increases of over 60% to the Newton County property tax base and over 300% to the local school district tax base.
InterGen is an international power generation firm. The Company has in operation or construction 16 power stations representing 12,215 megawatts (MW). It also has projects in advanced development representing an additional 5,360 MW. The Company has projects operating and under construction and/or in advanced development in the United States, the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Turkey, Brazil, Australia, and the Netherlands, and is actively developing new projects across the globe. InterGen's North America operations center, based in Houston, is actively pursuing power projects in several U.S. states. InterGen is a Shell-Bechtel venture.
Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers’ objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world's infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place.
Bechtel serves the Energy; Infrastructure; Manufacturing & Technology; Mining & Metals; and Nuclear, Security & Environmental markets. Our services span from initial planning and investment, through start-up and operations. www.bechtel.com