Marubeni Corporation

Waldorf power plant gets financing to build

Waldorf power plant gets financing to build

A planned Southern Maryland power plant that was to be built with state help — an arrangement that set off an industry fight — landed financing Friday to start construction despite a court ruling quashing the assistance.

Silver Spring-based Competitive Power Ventures and its partners said they received financing from 15 lenders, including GE Energy Financial Services, which anchored the effort. Major construction on the $775 million Waldorf plant is expected to start in September.

It's moving forward without the revenue backstop Maryland's Public Service Commission envisioned when it ordered in 2012 that customers of Baltimore Gas and Electric Co. and two other utilities would...