POWER4Georgians

Project Overview

History

In 2008 a consortium of Electrical Membership Corporations (“EMC’s”) in Georgia formed a new company, Power4Georgians (“P4G”), to develop and implement a strategy to meet the growing demand for affordable and reliable electricity from members of EMCs throughout the state.  This strategy included the development of a new coal-fired power plant known as Plant Washington (“Project”).

Since the formation of P4G, the development of the project has continued on schedule and on budget. In the spring of 2012 a major and significant milestone was achieved with the granting of the final air permit amendment. The Project now has all the material permits required for the construction.

With the permitting phase of the Project successfully concluded, P4G formed a partnership with Taylor Energy Fund (TEF) to lead the next and current phase of the Project’s development. A second major milestone was reached in August 2012 with P4G retaining Black &Veatch as its owner's engineer.

In April 2013, P4G executed a contract with IHI Corporation, a leading international boiler manufacturer, for fabrication of the boiler for Plant Washington and also entered into a contract with Zachry Industrial, Inc., one of the leading engineering and construction companies in the U.S., for erection of the boiler.  P4G expects to execute a contract for the construction of the balance of the facility by September 2013.

Also in April 2013, with the permitting and development phases successful completed, P4G announced a planned corporate restructuring to facilitate the ongoing construction and financing of Plant Washington. As part of the restructuring, the four EMC members (Central Georgia EMC, Snapping Shoals EMC, Upson EMC and Washington EMC) will no longer be members of P4G, which relieves them of all future obligations and management responsibilities. The EMCs remain very supportive of the project and their future involvement will be limited to purchasing power from Plant Washington through Power Purchase Agreements (PPAs).

Project Description

Plant Washington is an 850 MW supercritical, pulverized coal-fired, base load, greenfield power generating facility. The plant is located in rural east-central Georgia near Sandersville in Washington County.

Plant Washington will be one of the cleanest coal-fired, steam-electric generating plants in the nation,— a highly efficient supercritical boiler that produces more energy with less coal; a state-of-the-art wet scrubber to reduce SO2 emissions; selective catalytic reduction to reduce NOx emissions; fabric filter baghouses to control and remove particulate emissions; sorbent injection to reduce mercury and sulfuric acid mist emissions; and a combination of surface water, groundwater and on-site storm water runoff for cooling and processing.

The total cost for developing and constructing the Project is estimated at approximately $2.1 billion excluding financing costs.  P4G currently expects construction of the Project to commence during the first quarter of 2013.

The Opportunity

The Project is expected to provide the following significant benefits:

  • Uniquely positioned in the regulatory queue to enable the use of existing proven technologies
  • Will hold a prime position in the Southeastern Electric Reliability Council (“SERC”) regional generation pool
  • Will provide stable revenue streams through long-term off-take agreements.
  • Will provide portfolio diversification and a hedge against inherent “long-gas” issues across the U.S. power grid.



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