Texas denies Aegle Power loan application for 1.3-GW gas plant after NextEra’s unauthorized inclusion

Robert Walton | Source: Utility DIVE | Posted 09/06/2024

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Keyword Tags: Application 162 - NextEra and Aegle Power

Aegle Power’s application for a Texas Energy Fund loan to develop a 1,292 MW gas-fired power plant was denied by the Public Utility Commission of Texas on Wednesday for failure to “meet due diligence requirements.” The rejection comes less than a week after regulators included the project in an almost 10 GW portfolio of resources preliminarily selected for loans.

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The Public Utility Commission of Texas denied Aegle Power's application for a Texas Energy Fund loan to develop a gas-fired power plant, stating it failed to meet due diligence requirements. This decision came shortly after the project was included in a preliminary selection for loans, with NextEra distancing itself from the project after its name was included without consent.

The Texas Energy Fund loan program, approved by voters last year with an initial $5 billion appropriation, aims to incentivize gas-fired generation development. The PUCT received 72 loan applications totaling over 38 GW, with 17 projects selected for due diligence review. Lawmakers have expressed plans to investigate the approval process, particularly regarding concerns raised over the involvement of Aegle's CEO who had a past conviction for fraud.

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Source Link: https://www.utilitydive.com/news/texas-puc-aegle-power-loan-gas-plant-nextera/726134/

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Texas denies Aegle Power loan application for 1.3-GW gas plant after NextEra’s unauthorized inclusion

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