Power4Georgians, a consortium of electric membership cooperatives sponsoring the 850 MW coal-fired Plant Washington power plant in Georgia, announced Monday they would be restructuring and would not hold an ownership stake in the plant, according to a report from the Atlanta Business Chronicle.
A spokesperson for Power4Georgians told the Business Chronicle the move was a planned restructuring and the cooperatives had never intended to be owners of the plant, but had always intended to be power purchasers.
Four cooperatives were left on the board as members of Power4Georgians after the largest participant, Cobb EMC, pulled out of the project early last year citing concerns about the future viability of coal-fired power generation, according to the Business Chronicle. Taylor Energy Fund LP agreed to finance design of the plant and other preconstruction activities and will remain an owner of the plant along with investors that have not yet been named.
A company spokesman said earlier this month the plant developers were rushing to begin construction in order to not be classified as a new project under the New Source Performance Standard, which was set to be finalized on April 13. The U.S. Environmental Protection Agency failed to meet the deadline for finalizing the rule, leaving uncertainty on what the standard will be and when it would be implemented.