T-Power, a 420 MW combined-cycle gas-fired power project at the Tessenderlo site in Belgium, was successfully developed by Advanced Power in partnership with Tessenderlo Chemie NV and Siemens Project Ventures GmbH. The project raised €436 million of project financing in the midst of a rapidly deteriorating economic climate, reaching financial close in December 2008. The project was completed on time and within budget.

Having achieved financing of the project, Advanced Power sold its stake in the T-Power project to International Power, then one of Europe’s leading independent power producers. The project began commercial operations in June 2011. Current owners include Itochu Corporation, Siemens Project Ventures, Tessenderlo Chemie N.V. and Tokyo Gas. Advanced Power retains a small indirect interest in T-Power through our relationship with Itochu Corporation, which purchased International Power’s stake in the project.

The T-Power project won the 2009 Energy Risk Award for its tolling deal.

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