Wedoany.com Report-Nov. 22, Competitive Power Ventures (CPV) has commenced construction of the 1,350 MW CPV Basin Ranch Energy Center, a combined-cycle natural gas power plant located in Ward County, Texas, United States.

The facility is set to reach commercial operations in 2029.

The facility, situated in the Permian Basin, involves an investment of approximately $2 billion and is projected to contribute over $400 million in local tax revenue throughout its operating life. Gemma Power Systems has been appointed as the engineering, procurement, and construction contractor, with gas turbines to be supplied by GE Vernova.

The plant has been designed and permitted to accommodate a carbon capture system in future expansion stages. Commercial operations are scheduled to begin in 2029, enabling the facility to provide electricity sufficient for around 850,000 homes in western Texas.

CPV CEO Sherman Knight said: “These are the days that excite our team, seeing a project enter into construction after years of development. We are committed to bringing responsible energy to regions where power generation is needed.

“To us, responsible energy means building projects that bolster reliability, retains the risk of the investment on us instead of the ratepayer, while doing so in an environmentally responsible way, and taking our role as a community partner to heart.”

The project secured a $1.1 billion loan from the Texas Energy Fund last month, representing the largest award from the program to date and supporting the state’s objective to add 10 GW of new dispatchable generation capacity.

Over the past four years, CPV and its development team have worked closely with local and state authorities to fulfil regulatory requirements and maintain ongoing dialogue with community members.

CPV low-carbon generation president Peter Podurgiel said: “Projects like CPV Basin Ranch will only succeed when they have the support of the people they serve. We’re honoured that your [local people] support will allow us to be part of this community for many, many years to come.”

“Organisations like the Monahans Kids Zone are integral in allowing communities to thrive. It’s our duty, as partners in the region, to do our part to help ensure their success.”

The CPV Basin Ranch Energy Center is expected to enhance electricity supply reliability in a rapidly growing region while incorporating provisions for future environmental improvements through carbon capture integration.