Ultrasystems Signs to Construct 4 Power Plants for $215 Million

Ultrasystems Inc., an Irvine engineering and development company, said it has signed a joint venture agreement with the Constellation Holdings Inc. subsidiary of Baltimore Gas and Electric Co. to build four power plants in Central California. The agreement has a combined contract value of about $215.4 million.

The agreement calls for Ultrasystems to build two 27-megawatt, wood-fired power plants near Fresno and Rocklin, at a cost of $50.7 million each, and two 36-megawatt coal-fired plants near Bakersfield at a cost of $57 million each.

Ultrasystems President P. J. Stevens said that the joint partners will supply $82 million in cash for the four plants, with bank loans covering the remaining construction costs. Constellation will provide 50% of the partners’ investment. Ultrasystems will provide 50% of the cash for each of the Bakersfield plants and 40% for each of the other two plants. Combustion Engineering Inc., a Windsor Locks, Conn., boiler manufacturer and supplier, will supply the remainder of the partners’ investment in the two smaller plants.