Energy Investors Funds (EIF) and I Squared Capital have formed an equity partnership to construct the 869-MW Oregon Clean Energy Center, a combined-cycle natural-gas fired generation facility to be located in Oregon, Ohio.

OCEC will feature two Siemens (NYSE: SI) SGT6-8000H gas turbines and one steam turbine.

“We’re happy to have closed on our equity partnership and debt financing, which will allow OCEC to begin construction,” said Lucas Missong, senior vice president at EIF. “This project will provide efficient electricity for a marketplace where new, cleaner generation is sorely needed.”

The plant’s output will be fed into the PJM wholesale electricity market, which is expecting 12,000-MW of coal plant retirements in the near future.

The Ohio Power Siting Board approved the project in May 2013. The facility has been developed by North America Project Development LLC (NAPD) utilizing loans from USPF IV. NAPD will continue to retain an interest in OCEC.

“I Squared Capital’s investment in OCEC is consistent with our strategy of investing in clean, efficient generation that will benefit from the new paradigm, arising from abundant natural gas and environmental regulations, in the U.S. electricity market.” said Adil Rahmathulla, partner at I Squared Capital. “OCEC will serve a growing customer base in the world’s largest wholesale electricity market while reducing emissions. We are pleased to partner with EIF and look forward to a successful collaboration.”

The plant’s construction will create approximately 500 jobs and nearly 25 jobs after completion.

The plant is expected to reach commercial operations by July 2017.