Developer's Lack of Funding Jeopardizes Carbon Capture Project: Inspector General

摘要

A $3.9 billion carbon capture and sequestration project partially funded by the Energy Department is unlikely to be completed, the department's inspector general said in a report released April 29. Summit Power Group LLC, the privately held developer of the Texas Clean Energy Project, has been unable to secure the commercial debt and equity financing needed to proceed with the project, which was supposed to be completed in 2014, the IG report said. The Energy Department has spent $116 million out of $450 million in department funds planned for the project, which has seen its cost estimate double from $1.9 billion in 2010 to $3.9 billion, according to the report. "In the absence of commercial debt and equity financing, Summit will be unable to contribute its share of costs and move forward with the Project," said the report. "To date, we noted significant project delays had occurred due to Summit's inability to secure private financing."