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Black & Veatch Wins Backing for African Coal Power Plant

Black & Veatch Corp. won preliminary approval for $805.6 million in financing from the U.S. Export-Import Bank for a coal-fired power plant in South Africa, a move that drew criticism from environmental groups.

The board of the Washington-based lender voted today on a loan to support construction of a 4,800-megawatt plant being developed by Eskom Holdings Ltd. The plant would be one of the world’s largest coal-fueled stations.