The Marshall County Commission adopted a resolution Tuesday approving financial terms of a lease agreement for the building of a $615 million natural gas combined cycle power plant in Moundsville.
On April 22, the Commission and Board of Ed approved the terms of Payment in Lieu of Tax Agreement (PILOT) between Moundsville Power, LLC. Approval of the financial terms of the lease was the second step.
Under the expected terms of the proposed lease, the Marshall County Commission will hold a title to the plant during the term of the lease agreement and will lease the plant to Moundsville Power, that according to a press release.
The new power plant, which is designed to produce 549 megawatts of power, will be 100 percent privately funded, according to Moundsville Power. The project is also expected to have an economic impact during construction of $815 million and an ongoing impact of $283 million each year of operation.
Moundsville Power spokesman, Andrew W. Dorn Jr. said the company will file its 30 day notice of intent to file an application for a siting certificate with the Public Service Commission Tuesday.