State of Texas announces new energy fund loan for natural gas plant

TEXAS (KAUZ) - According to the Office of Governor Greg Abbott, the seventh Texas Energy Fund (TxEF) loan agreement for a 570 megawatt (MW) natural gas power plant in Sherman, Texas, has been approved.

The Office of the Governor stated that this loan provides low-interest loans for projects that add new, dispatchable power to the ERCOT region.

Under the loan agreement, total project costs are estimated to be less than $685 million.

Governor Greg Abbott said that Rayburn Electric Cooperative will build the facility near its existing Rayburn Energy Station 1 facility in Sherman. The project will interconnect in the ERCOT North Load Zone.

Additional information about the TxEF and the In-ERCOT Generation Loan Program can be found here.