CHARLESTON, WV, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Competitive Power Ventures (CPV) today announced that it has selected West Virginia for a ~1,800 MW combined-cycle natural gas power station utilizing carbon capture and storage. Following permitting and construction, the project will go into operation later this decade. The project was made possible by the advancement of the recently passed federal legislation, known as the Inflation Reduction Act, that expanded the 45Q federal tax credit for carbon capture.
“CPV is pleased to work closely with West Virginia to bring this project to fruition in the coming years. This project and technology represent a significant step forward for our Nation in deploying low carbon, dispatchable generation critical to maintaining reliability as we address our collective concerns regarding climate change,” said Gary Lambert, CEO of Competitive Power Ventures. “West Virginia has been extremely forward thinking at the local, state and national level, and we cannot thank Senator Manchin enough for his leadership in making this opportunity possible.”
The 45Q federal tax credit was recently expanded to incentivize carbon capture and sequestration for power generation. Earlier this year, the state of West Virginia passed legislation that was signed into law by Governor Jim Justice establishing state rules for carbon sequestration. Together, these two actions make West Virginia an ideal location for this investment.
“The Inflation Reduction Act is already having a positive impact for the people of West Virginia andcarbon capture utilization efforts here in the United States,” said United States Senator Joe Manchin, who chairs the Senate Energy and Natural Resources Committee. “I’m pleased Competitive Power Ventures is investing in the Mountain State and look forward to seeing the benefits of this investment – including long-term, good-paying jobs and supporting our regional economies – for years to come.”
Nationwide, large technology and industrial customers have made pledges to lower their environmental footprint, which often includes the sources of energy they rely on for their operations. A low carbon baseload energy source in West Virginia will be an asset to the state’s existing manufacturing and industrial companies, while also attracting future investments.
“This is an outstanding day for West Virginia,” said Governor Jim Justice, “Competitive Power Ventures and the innovation they bring to the energy industry is amazing. We welcome them to West Virginia and will continue to support this excellent company as we compete on the world-stage to recruit the best to our great state. I couldn’t be more proud.”
“Competitive Power Ventures’ multi-billion-dollar investment in this combined-cycle power plant demonstrates that West Virginia can provide natural gas to markets in our neighboring states, as needed energy supplies for our allies abroad, as a manufacturing input here at home and across America, as well as power generation here in West Virginia,” said Senator Shelley Moore Capito. “I’m proud that my bipartisan work on the 45Q carbon capture tax credit – and in specifically calling for the addition of a direct pay option – paved the way for this project, which I hope will be the first of several carbon capture, utilization, and storage investments in West Virginia.”
The construction of the project will utilize well over 1,000 skilled tradespeople from across the region, including prevailing wage labor and apprenticeships, to fulfill the requirements created by the Inflation Reduction Act to utilize the expanded tax credits for carbon sequestration. The natural gas utilized by the facility will support hundreds of additional jobs in West Virginia.
“Pennsylvania and Ohio have built numerous combined-cycle natural gas power plants over the last few years,” said Chuck Parker, President of the WV State Building & Construction Trades Council. “Now it is finally West Virginia’s turn. We have been training our members for a project like this and will be able to supply the workforce needed.”
Numerous companies across West Virginia have been working with CPV and the project for over a year to advance it to this decision point. The project has already started the extensive regulatory approval process. Once finalized, a firm timeline for commercial operations will be announced.
About CPV
CPV Group LP, a partnership majority owned by OPC Energy Ltd., is uniquely positioned to leverage global technology and financial partnerships to help modernize America’s power generation. Together with our investors, partners, host communities and other key stakeholders, we are driven to improve our energy infrastructure by developing and operating power generation facilities using cutting edge, clean and highly efficient technologies. Headquartered in Silver Spring, MD, with an office in Braintree, MA, the company has ownership interest in 5,500 MW of clean generation across the United States and the company’s Asset Management division manages 7,335 MW of generating facilities in nine states. Our focus on Environmental, Social and Governance (ESG) and sustained track record of success have enabled us to grow into one of North America’s premier energy companies. For more information: www.cpv.com and follow CPV on Twitter and LinkedIn.
