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Friday, April 20, 2012 - 4:00am

Plant Washington Gets New Investor

The developer of a coal-fired power plant proposed for middle Georgia has announced a new financial partner.

Power4Georgians spokesman Dean Alford said Thursday that the Denver-based Taylor Energy Fund LLC has formally joined the project to build Plant Washington near Sandersville.

The fund is managed by Tim Taylor, who retired two years ago as the president and CEO of Public Service Company of Colorado. He was previously the senior legislative assistant to then-U.S. Rep. Saxby Chambliss of Georgia.

Taylor Energy will assume a 40 percent stake in the project and help finance remaining development costs, a gap that opened when Cobb EMC pulled out of the project earlier this year. Taylor said in a statement that securing "affordable and reliable power" is important for municipal and rural electric cooperatives.

The consortium seeking to build the $2.1 billion plant must still secure the rest of its financing before construction can start.