Clean-Coal Project Slammed by Watchdog Gets Late U.S. Reprieve
- Millions in federal government support hang in the balance
- Project had faced midnight deadline to line up financing
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A Texas clean-coal project was given more time to persuade the Obama administration to keep backing it, even after Summit Power LLC missed a midnight deadline to line up financing and a government investigator warned the endeavor was on shaky ground.
The Energy Department had planned to yank its support for the Texas Clean Energy Project on Friday, if Summit failed to provide firm commitments from lenders and investors to finance the whole project. But before the agency announced its decision, developers cited a regulation to launch an informal dispute resolution process that buys more time for talks.