NRG Energy to seek $900M in loans from Texas for new gas-fired plants (NYSE:NRG)

NRG Energy (NYSE:NRG) plans to apply for as much as $900M in loans from the state of Texas to build power projects that would run on natural gas, interim CEO Larry Coben said Wednesday, according to Bloomberg.

The loans would cover ~60% of the financing needed to build two plants that would be available on standby in 2026 and a gas plant in 2028, Coben said, adding the money – which would be granted through the $5B Texas Energy Fund approved last November by voters – is expected to carry a 3% interest rate.