Woodbridge plant design

WOODBRIDGE, NJ-Competitive Power Ventures of Silver Spring, MD broke ground today on its $845-million natural gas-fueled power plant to be built on a 28-acre site on the Raritan River shoreline.

The 700-megawatt facility is expected to be completed and operational in early 2016 and will generate enough electricity to power 700,000 homes, according to NJBiz.com. Competitive Power Ventures is developing the plant with Toyota Tsusho Corp. and ArcLight Capital Partners. The CPV plant was one of three that were selected to receive state benefits.

Among those on hand at the groundbreaking ceremony was New Jersey Gov. Chris Christie, who said, “We’ve had too little of that in this state, and we’ve been too dependent on out-of-state sources for our energy needs. That’s why the state has pushed for development of the three new facilities and “why we’re continuing…to make sure that we take every step that’s necessary to get these plants built.”

The facility will generate more than $100 million in tax revenue for Woodbridge over the next 30 years and is expected to create approximately 500 construction jobs. See story at NJBiz.com.