A $500 million, natural gas-fired power plant capable of producing 1,200 megawatts is being planned for Gastonia by Mirant, a public (NYSE: MIR) company based in Atlanta. This is the largest industrial announcement in Gaston County's history, eclipsing the new $100 million Buckeye Technologies plant in Mount Holly. It is also one of the largest investments ever in the greater Charlotte region.

"When I announced the $100 million investment, I could not have believed that less than two years later I'd be announcing a $500 million investment in Gaston County," said Chuck Elliott, chairman of the Gaston County Economic Development Commission (EDC). "Especially in light of the recent economic downturn, we are extremely pleased that Mirant is coming to Gastonia. They are environmentally friendly and will not require us to build new roads, schools or other infrastructure."

Also very pleased is Gastonia Mayor Jennie Stultz, who pointed out that the giant power plant will use 10 million gallons of water a day, equal to all the water previously required by the 10 largest water-using plants in Gastonia which have been closed or idled in recent years. Mirant will be Gastonia's largest water customer and one of its largest taxpayers. "This is an opportunity for other industries to say, 'Wow, there's an abundant source of water and energy here," Stultz said. "It really opens the door for other things."

The construction project will create about 300 jobs for two years, and about 35 skilled employees will operate the plant after it is completed in 2004.

Mirant, a spin-off of The Southern Company (a public utility), develops, constructs, owns and operates power plants and sells wholesale electricity and natural gas worldwide, including divisions in Asia and Europe. This is the company's first Charlotte Region plant but the company hinted it may not be the last.

"We looked at a lot of sites along the I-85 corridor, both in North and South Carolina," said Eddie Dorsett, vice president of Southeast Marketing and Development for Mirant. "We felt like this was the best site for us, as far as infrastructure is concerned. When you make an investment of $500 million, you do quite a bit of due diligence. Gastonia is part of a large and growing electricity market which is very exciting. We are also certain of the growth prospects of the I-85 corridor."

Not only is the 120-acre site in Delta Business Park just minutes north of I-85, it is also adjacent to a major natural gas pipeline and a high-capacity electric transmission line. This will make it relatively easy for the plant to get all the natural gas it needs and sell electricity into the power grid. Gastonia is also unusual in that it had extensive water capacity ready to serve the facility.

The plant will have two natural gas-fired combustion turbines, two heat recovery steam generators and a steam turbine. It is scheduled to open in 2004 and is currently going through regulatory procedures.

Mirant officials praised the Gaston County EDC, which worked for 10 months behind the scenes to land Mirant. John Barker Realty represented the landowners and assisted the EDC in arranging the transaction.