Ultrasystems Completes Financing on Power Plant

Ultrasystems Inc. of Irvine has completed equity financing on a $70.6-million wood-burning power plant near Fresno. The project is one of four joint-venture efforts with Combustion Engineering Inc. of Stamford, Conn., to build, own and operate alternative energy power plants.

John H. Dean, Ultrasystems’ executive vice president, said the company will retain 25% ownership of the Fresno area plant. Combustion Engineering will own another 25% and the remaining 50% interest will be held by Constellation Investments, a wholly owned subsidiary of Baltimore Gas & Electric. The plant will be developed by Ultrapower Inc. and designed and built by Ultrasystems Engineers & Contractors, both subsidiaries of Ultrasystems. Construction will begin in November.