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Friday, July 13, 2012 - 12:16pm

Taylor Will Finance Plant Washington Costs

Updated: 2 years ago.
Four electric membership cooperatives won’t have to pay anything more for a proposed east Georgia coal plant. The project’s newest partner, Taylor Energy Fund, has agreed to pick up the remaining costs before construction begins on Plant Washington. (Photo Courtesy of Nick Humphries via Flickr.)

The coalition of electric membership cooperatives planning a new coal plant in Washington County are off the hook for the rest of the plant’s planning and development costs.

The newest partner in the plan has agreed to pay the rest. But the Power4Georgians consortium won’t say how much that will cost the Denver-based Taylor Energy Fund.

The private group stepped in to take over a 40 percent stake in Plant Washington after Cobb EMC pulled out of the $2.1 billion project earlier this year.

“From this point going forward, Taylor Energy Fund will pick up the funding of the project,” said Dean Alford, a Dean Alford Power4Georgians spokesman. “There is no further obligation on the [electric membership cooperatives] as it relates to Plant Washington, no financial obligation whatsoever.”

“A great deal of that funding goes toward the engineering that’s necessary to get the final bids for construction and all the documentation associated with construction financing for Plant Washington,” Alford said.

He said the construction financing will be backed by power purchase agreements the consortium’s four EMC eventually will sign.

Alford said they have all the necessary permits and hope to break ground on the plant in April. Construction should take about five years.