POWER4Georgians said April 19 that Taylor Energy Fund LLC, a private investment group based in Denver, Colo., has executed a letter of understanding with the consortium to develop the coal-fired Plant Washington.
The 850-MW supercritical power plant will be located near Sandersville, Ga., will be one of the cleanest coal-based energy facilities in the country and will create nearly 2,000 total jobs, POWER4Georgians said.
POWER4Georgians is composed of electric membership cooperatives (EMCs) in Georgia. It recently cancelled a second coal plant project, called Ben Hill, in a settlement with environmental groups. That settlement, though, helped clear away opposition to Plant Washington.
Taylor Energy Fund is managed by Tim Taylor, the former president and CEO of Public Service Co. of Colorado (PSCo), an Xcel Energy (NYSE: XEL) company. Taylor was integral in the construction of PSCo’s $1.3 billion Comanche Unit 3, a 750-MW coal-fired power plant in Pueblo, Colo. that was completed in 2010. Taylor was also responsible for the development of natural gas and renewable energy projects and managing transmission and distribution assets for PSCo, POWER4Georgians pointed out.
“We are very excited that Taylor Energy has partnered with us to complete the development of Plant Washington,” said Dean Alford, spokesperson for POWER4Georgians. “Tim has vast experience in the utility industry, and led the engineering, financing, construction and operation of a similar-sized, coal-fired power plant, as well as various alternative energy projects in Colorado. His expertise will enable us to move seamlessly into the next phase of the project – to obtain permanent financing.”
“As someone who once lived in Georgia and is knowledgeable about its electric cooperatives, I realize that securing affordable and reliable power is paramount for the participating EMCs,” said Taylor. “With thousands of megawatts of electricity being retired or not constructed due to regulatory burdens, the need for this project is greater than ever. In our estimation, Plant Washington will not only provide cost efficient, baseload power for decades, it will generate a significant economic boost to the state and local economy.”
Taylor’s utility industry experience also includes management and engineering positions with the Florida Power & Light, and management of unregulated businesses for the FPL Group. He also managed his own consulting firm, Matrix Management Inc., and was a partner in the electric and natural gas utility consulting firm Theodore Barry & Associates.