CPV Sentinel power plant to be built in California

Competitive Power Ventures, GE Energy Financial Services and Diamond Generating Corporation (DGC), co-owners of the planned $900m (£553m) CPV Sentinel power plant, have closed the largest project financing in the US thermal power industry this year, for the facility to be built in Riverside County, California.

The CPV Sentinel project, located near Desert Hot Springs, five miles northwest of Palm Springs, is expected to create 300 construction jobs at peak with a $40m payroll, along with nearly 400 indirect jobs with a $15m payroll.

Once operational, the project will provide an estimated $30m in sales tax during construction and an estimated $6.4m in annual property taxes.

With all permits finalised and the debt financing in place, Gemma Power Systems California is scheduled to start construction of the 800MW project immediately, with CPV Sentinel scheduled to go into commercial operation in the summer of 2013.