Financing finalized for Lordstown Energy Center

LORDSTOWN — The village of today announced announce that the financing of the Lordstown Energy Center Project has been finalized.

According to a news release from the village and Youngstown/Warren Regional Chamber, the final all-in cost – including financing costs – is $890 million. The capital structure includes $400 million of equity by Macquarie Infrastructure Partners III US Energy Holdings, LLC and Siemens Financial Services, and the remainder was provided by a number of commercial international and domestic banks, including KeyBank in Cleveland.

Construction of LEC will begin immediately via an engineering, procurement and construction contract between Clean Energy Future-Lordstown, LLC (the plant owners) and Siemens Energy of Orlando, FL. Siemens Energy has selected Kokosing of Fredericktown and Columbus to be the general contractor.

The electrical interconnection infrastructure for LEC will be designed/built by MJ Electric. Union labor will be employed on the site and peak at about 450-500 construction workers.

The plant will be fully functional in June 2018. Once completed, the new switch yard located off Goldner Lane will be conveyed to FirstEnergy for its long-term ownership and operation. Electricity from LEC will be sold on a wholesale basis and meet the needs of more than 750,000 homes in Northeast Ohio.

For the complete story, read Thursday's Vindicator and Vindy.com