|SSEMC no longer funding coal plant
Snapping Shoals will remain partner in project without further financial commitments
An expanded agreement between POWER4Georgians (P4G) and development partner Taylor Energy Fund, LP, will release Snapping Shoals EMC and the other P4G co-ops from future capital commitments to the Plant Washington project.
Through the new arrangement, Taylor Energy Fund will fund the continued development of the 850 MW supercritical power plant project near Sandersville. The Denver, Colo.-based Taylor Energy Fund and P4G announced their initial partnership in April.
“We have completed our commitment to our members and our partners to obtain all the various permits needed to build and operate Plant Washington,” said Brad Thomas, president and CEO of Snapping Shoals EMC. “We are pleased to partner with Taylor Energy Fund as we move into the next phase of this important project.”
As a partner in the project, Snapping Shoals will receive a preferred option to purchase power once the plant is operational, as well as a return of all capital invested.
Taylor Energy Fund is managed by Tim Taylor, the former president and CEO of Public Service Company of Colorado (PSCo), an Xcel Energy company. In 2010, PSCo completed construction of its $1.3 billion Comanche Plant (Unit 3), a 750 MW coal-fired power plant in Pueblo, Colo. Taylor also was responsible for the development of natural gas energy projects and managing transmission and distribution assets for PSCo.
POWER4Georgians has secured all necessary permits for Plant Washington, which will be one of the cleanest and most environmentally responsible coal-fired power plants ever developed, helping to facilitate affordable and reliable energy for decades to come. The project is expected to provide more than 1,600 construction jobs during the four-year construction period, as well as 200 to 300 new jobs onsite and in supporting industries.
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