GenConn Energy has obtained $534 million in financing for two electric generating plants in Middletown and Milford that will expand peak capacity of Connecticut’s power grid.
GenConn is a 50-50 joint venture between NRG Energy Inc. and New Haven-based United Illuminating Co.
The two 200-megawatt projects, located at NRG’s existing sites in Milford and Middletown, received financing through a bank syndicate comprised of nine major lending institutions, NRG said.
The new power plants will have fast-start capability, which is especially important during extreme weather conditions, such as hot summer days or cold winter nights, and use advanced technology emissions controls, the company said.
Construction is already underway at NRG’s Devon Station in Milford, to be completed in June 2010.
Construction at NRG’s Middletown Station will begin in February 2010 and is expected to be completed in June 2011.
