Argan, declared that its fully owned auxiliary, Gemma Power Systems California (GPS), has contracted a modified engineer-procure-construct (EPC) accord with CPV Sentinel for designing and constructing a eight-unit, simple cycle, peaking power generation facility with a capacity of 800 MW in Southern California at an investment of around $220 million.
The recent contract is an updated version of the earlier accord contracted between the two companies two years back.
Gemma Power Systems California has obtained limited funding to commence the vital and the initial engineering actions needed for the project and the full release of funding is anticipated this summer. CPV Sentinel has contracted a power purchase accord with Southern California Edison to trade the power generated from the facility. The project is expected to get over in the summer of 2013.
Rainer Bosselmann, Argan’s Chairman and Chief Executive Officer, has expressed his happiness to associate with a project that will bring power to Southern California and said that the project is anticipated get completed on time.
Source: http://www.arganinc.com/