Prairie State Energy Campus Completes Financial Closing

Peabody Energy today announced the Prairie State Energy Campus equity partners have completed financial closing and given Bechtel Power Corporation notice to proceed to full-scale construction for the planned 1,600 MW supercritical power plant. Bechtel has an engineering, procurement and construction management contract to develop the project’s power-related facilities.

Partners have committed to purchasing nearly 1,435 MW or more than 90 percent of the project’s output, and late-stage discussions are continuing with the existing partner group to finalize ownership of the few remaining shares. Peabody expects to retain a 5 percent ownership position in the project.

The Prairie State Energy Campus is expected to begin generating electricity in the 2011 to 2012 timeframe.