EWP Renewable Corporation (EWPRC) announced today that it has recently acquired the rights to develop a 1,100 MW fast start combined cycle natural gas energy center in Lincoln County, Nevada. The project has been in development since 2001, but has been delayed due to unfavorable economic conditions. Now, however, low natural gas prices, growing renewable portfolios and environmental pressure on aging coal plants have again created a favorable market for the development of fast start and highly efficient natural gas power plants. EWPRC plans to develop this project in two phases, with each phase consisting of a nominal 550 MW power block. The anticipated scheduled completion for the first phase of the project is first quarter of 2016. EWPRC plans to meet with stakeholders over the next several months.
John Wood, COO of EWPRC says, "While we continue to have a strong interest in renewable energy facilities, we recognize fast start projects like this are required when the sun is not shining and the wind is not blowing. This advanced, combined cycle natural gas technology is a perfect complement to renewable energy."
It is estimated that the project would require a capital investment of up to $1.8 billion and would generate substantial tax revenues. Each phase of the project would create up to 600 construction jobs over a 28 month period and would provide employment for 20 full-time employees when operational.
Established in 2006 under prior owners, EWPRC was purchased September 30, 2010 by EWP America, Inc., an affiliate of Korea East-West Power Co., Ltd. (EWP) based in Seoul, South Korea. EWPRC's US management team members each have decades of direct development, acquisition, financing, design, construction and operations experience in combined-cycle, cogeneration, biomass, and efficient district energy systems. EWPRC today owns and operates three renewable energy biomass plants located in California and New Hampshire, two natural gas peaking facilities in California and a "combined heat and power" cogeneration plant in New York City. EWPRC owns and operates 165 megawatts of efficient and reliable, renewable energy and clean natural gas energy facilities in the US.