Financing Set For Two Power Plants

NEW HAVEN – Construction of two new power plants in Connecticut is moving forward after The United Illuminating Co. and NRG Energy Inc. overcame problems in the credit markets and secured $534 million in loans.

New Haven-based UI and Princeton, N.J.-based NRG say the loans from a syndicate of nine major lending institutions will be used to build two, 200-megawatt generating units at power plants in Milford and Middletown.

Construction in Milford began a month ago and is slated to be done in June 2010. The Middletown project is set to begin next February and be completed in June 2011.