Ribbon Cut on First Phase New $700M Power Plant

Ribbon Cut on First Phase New $700M Power Plant

St. Joseph Energy, LLC held a ribbon-cutting ceremony to celebrate the successful completion of its St. Joseph Energy Center Phase I in New Carlisle. Phase I is a natural gas-fired power facility that generates over 700 MW of clean, competitive, unsubsidized electricity for the consumers in the region.

Attendees at the ribbon cutting included Indiana Secretary of Commerce Jim Schellinger, representatives of the facility’s owners from Ares EIF, and representatives from Toyota Tsusho, one of Toyota Motor Corporation’s group of companies. The owners have already collectively invested in, or arranged financing for, the project in an amount exceeding $700 million in this first of two power plants at the site.

Phase I is now operational and producing electricity following an approximately 28-month construction period. Phase I delivers electricity to the PJM market. PJM is a regional transmission organization that serves all or parts of 13 states in the northeastern United States as well as northern Indiana and southern Michigan. At the peak of the plant’s construction, over 700 highly skilled workers were employed onsite. Additionally, Phase I has created 21 new permanent, high-paying, high-tech jobs to operate the power plant.

Phase II will be located on the same site as Phase I and is in an advanced stage of development. Construction of Phase II is expected to require approximately the same number of skilled construction workers and create additional permanent high-tech jobs in St. Joseph County.

The combined output of Phase I and Phase II is expected to provide enough electricity to power more than one million households. The St. Joseph Energy Center is expected to contribute tens of millions of dollars in tax revenue to St. Joseph County over the next 30 years.  Additionally, St. Joseph Energy Center invested over $13 million to improve the water and sewer infrastructure for the City of South Bend and the Town of New Carlisle in 2017.

“Indiana’s economy and investment climate make it an excellent location for a project like the St. Joseph Energy Center. This is why Ares EIF funds and Toyota Tsusho invested in Phase I and are now working diligently to complete Phase II. We are grateful for the tremendous support we received from the community, state, county and local officials throughout the development and construction of Phase I, and we look forward to a very long and productive relationship”, said Keith Derman, Partner of Ares EIF.

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