Monahans, Texas — Competitive Power Ventures (CPV) officially broke ground today on the construction of the CPV Basin Ranch Energy Center, a 1,350-megawatt combined-cycle natural gas power plant in the Permian Basin. Company leaders, project partners, and community members gathered to celebrate the milestone.
“These are the days that excite our team, seeing a project enter into construction after years of development,” said Sherman Knight, CEO of CPV. “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.”
“Projects like CPV Basin Ranch will only succeed when they have the support of the people they serve. We’re honored that your support will allow us to be part of this community for many, many years to come,” said Peter Podurgiel, President of Low Carbon Generation at CPV.
CPV Basin Ranch represents an investment of approximately $2 billion and will result in over $400 million in local tax revenue throughout the life of the project.
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.
Last month, Texas Governor Greg Abbott announced a $1.1 billion Texas Energy Fund (TxEF) loan for CPV Basin Ranch. It is the largest project announced to date for TxEF financing and accounts for more than 10% of the program’s targeted 10 GW of new, dispatchable generation capacity.