N.J. power plant to be built without ratepayer subsidy
The company that had failed to get ratepayer subsidies to build a power plant in West Deptford, N.J., announced Wednesday that it has managed to raise private financing even without the government guarantees.
The company that had failed to get ratepayer subsidies to build a power plant in West Deptford, N.J., announced Wednesday that it has managed to raise private financing even without the government guarantees.
LS Power Group said that West Deptford Energy Holdings, L.L.C. has completed financing for the construction of the 738 megawatt natural gas-fired plant. LS had estimated earlier this year the project will cost about $1 billion. Construction is set to begin in early 2012.
The New Jersey legislature approved a controversial bill this year that provides guaranteed income for several new power plants. The bill was named for LS Power, but in the end, three other plants were selected to receive the subsidies. - Andrew Maykuth