A $500 million plan to build the natural gas-fired St. Joseph Energy Center near New Carlisle has taken another step forward. California-based Ares Management LP (NYSE: ARES) says it has formed an equity partnership between its Ares EIF Group and a Toyota Tsusho Corp. subsidiary.
Ares EIF says Kiewit Power Constructors Co. has been selected as engineering, procurement and construction contractor. Construction is expected to create around 500 jobs. More than two dozen permanent positions are planned on-site once the project is complete. Developers expect the plant to begin commercial operations in the second quarter of 2018.
The development partners also say non-recourse debt financing is now in place for the 700-megawatt, natural gas-fired generation facility.
Ares EIF Group Partner Keith Derman says "St. Joseph Energy Center is the latest example of Ares EIF’s strategy of identifying markets with an overwhelming need for new, efficient natural gas-fired generation. Today’s closing represents the culmination of the considerable efforts undertaken to bring this project from concept to construction. We look forward to bringing St. Joseph on-line safely and seamlessly."