Competitive Power Ventures (CPV) and the Public Utility Commission of Texas (PUCT) have executed a $1.1 billion low-interest Texas Energy Fund (TxEF) loan to build a 1,350-megawatt combined-cycle natural gas power plant in the Permian Basin. The project will immediately transition to construction with operations expected to start in 2029.

CPV Basin Ranch Energy Center, located in Ward County, represents the largest project selected to date for TxEF financing, and accounts for more than 10% of the program’s targeted 10 GW of new, dispatchable generation capacity.

"Texas is powering the future of reliable, affordable energy across the nation and around the world," said Governor Greg Abbott. "Through the Texas Energy Fund, CPV Basin Ranch will bring hundreds of megawatts of new, reliable power online and help keep prices affordable. This 1,350-megawatt investment will further grow our power supply and ensure continued reliability for homes and businesses in Texas as we add more power and fortify the state grid."

“CPV is committed to responding to Texas’s rapidly growing demand for new, dispatchable power generation. We are extremely grateful to Governor Greg Abbott, his administration, the Texas Legislature, the PUCT, and the entire Ward County community for entrusting us to serve the region,” said Sherman Knight, CEO of Competitive Power Ventures. “Texas offers the opportunities and incentives to drive future development, our team at CPV looks forward to doing our part to make this a reality.”

With access to the multiple natural gas supply sources of Coterra, Devon, and Diamondback, CPV Basin Ranch will be able to maintain consistent performance during extreme weather and other critical events, helping to stabilize the ERCOT grid when it is needed most. Gemma Power Systems will lead construction efforts for the project. The facility will be equipped with state-of-the-art turbines by GE Vernova and is permitted and designed to include a carbon capture system in future phases of the project.

“Over the last four years, we’ve worked diligently to advance this project and are grateful for the supportive framework provided by the TxEF program. I have no doubt CPV Basin Ranch will be an invaluable asset to the community and the state for decades to come,” said Peter Podurgiel, CPV’s President of Low Carbon Generation. “Once complete, CPV Basin Ranch will rank among the most efficient and modern plants in Texas. In addition to utilizing the latest advances in combined-cycle power generation, our team is always looking to what is next including the option to deploy carbon capture technology in the future.”

“We are pleased to provide our industry-leading H-Class gas turbine and associated technologies to power this important project,” said Eric Gray, President & CEO, GE Vernova’s Gas Power business. “Providing highly efficient, flexible electricity generation today with a path to carbon capture tomorrow offers many benefits to the people, companies and industries of Texas.”

CPV Basin Ranch is expected to reach commercial operations in 2029 and will be capable of powering the equivalent of 850,000 West Texas homes. The project is part of the company’s current development pipeline of over 10 GW of dispatchable and renewable generation.

About CPV

CPV Group LP, a partnership majority owned by OPC Energy Ltd., has 25 years of unprecedented success in the development and operation of highly efficient and low emitting electric generation and renewable projects in the United States. CPV is focused on applying its development, financial and project management expertise to advance the next generation of technologies. After bringing on 6.8 GW of natural gas, wind and solar generation since 2010 and with a current pipeline of over 10 GW of renewable and dispatchable generation projects, including utility-scale carbon capture, CPV is well positioned to help drive the nation’s decarbonization goals forward. For more information: please visit www.cpv.com and follow CPV on LinkedIn.

About OPC Energy

OPC Energy Ltd. (OPCE:Tel Aviv) is an energy company leading the Energy Transition revolution in Israel and the United States and provides electricity in an efficient, reliable and environmentally friendly manner while combining solar energy, wind and natural gas with high efficiency. In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated energy solution that includes the supply of all energy needs through the company’s production sites and in the customer’s yard using natural gas and solar energy. In the U.S., the company operates through the CPV Group, which supplies electricity using efficient natural gas and wind energy, and also builds and develops Powerhouse using natural gas, natural gas with reduced emissions, as well as solar and wind energy. For more information: please visit www.opc-energy.com/en

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