Competitive Power Ventures (CPV) announced has selected West Virginia for a natural gas power station utilizing carbon capture and storage.
Following permitting and construction, the project will go into operation later this decade.
The project was made possible by the advancement of the recently passed federal legislation, known as the Inflation Reduction Act, that expanded the federal tax credit for carbon capture.
“CPV is pleased to work closely with West Virginia to bring this project to fruition in the coming years,” said Gary Lambert, CEO of Competitive Power Ventures, in a press release. “This project and technology represent a significant step forward for our nation in deploying low carbon, dispatchable generation critical to maintaining reliability as we address our collective concerns regarding climate change.
“West Virginia has been extremely forward thinking at the local, state and national level, and we cannot thank Sen. Manchin enough for his leadership in making this opportunity possible.”
The 45Q federal tax credit was recently expanded to incentivize carbon capture and sequestration for power generation. Earlier this year, the state of West Virginia passed legislation that was signed into law by Gov. Jim Justice establishing state rules for carbon sequestration.
“The Inflation Reduction Act is already having a positive impact for the people of West Virginia and carbon capture utilization efforts here in the United States,” said Manchin in the press release.
“This is an outstanding day for West Virginia,” said Gov. Jim Justice in the press release. “Competitive Power Ventures and the innovation they bring to the energy industry is amazing. We welcome them to West Virginia and will continue to support this excellent company as we compete on the world-stage to recruit the best to our great state. I couldn’t be more proud.”
The construction of the project will utilize over 1,000 skilled tradespeople from across the region, according too the company, including prevailing wage labor and apprenticeships, to fulfill the requirements created by the Inflation Reduction Act to utilize the expanded tax credits for carbon sequestration.
The natural gas utilized by the facility will support hundreds of additional jobs in West Virginia, the company’s press release stated.
“Pennsylvania and Ohio have built numerous combined-cycle natural gas power plants over the last few years,” said Chuck Parker, President of the WV State Building & Construction Trades Council, in the press release. “Now it is finally West Virginia’s turn. We have been training our members for a project like this and will be able to supply the workforce needed.”
CPV Group LP, headquartered in Silver Spring, MD, with an office in Braintree, MA, has ownership interest in 5,500 MW of clean generation across the United States and the company’s Asset Management division manages generating facilities in nine states.