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NRG Will Seek $900 Million in Loans to Build New Gas-Fired Power Plants

February 28, 2024

The interim CEO of Texas-based NRG Energy Inc. said the company plans to apply for up to $900 million in loans from the state in order to finance construction of new natural gas-fired power plants.

Larry Coben, who was appointed interim CEO in November 2023 after the resignation of long-time CEO Mauricio Gutierrez, on Feb. 28 said the funding would supply about 60% of the financing needed by Houston-headquartered NRG to build two gas-fired plants that would be available in 2026, along with another gas-fired facility that could come online in 2028. Coben said the money, which would come from a $5 billion voter-approved Texas Energy Fund, would have a 3% interest rate.

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