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Peabody Energy today announced the Prairie State Energy Campus equity partners have completed financial closing and given Bechtel Power Corporation notice to proceed to full-scale construction for the planned 1,600 MW supercritical power plant. Bechtel has an engineering, procurement and construction management contract to develop the project's power-related facilities.

Partners have committed to purchasing nearly 1,435 MW or more than 90 percent of the project's output, and late-stage discussions are continuing with the existing partner group to finalize ownership of the few remaining shares. Peabody expects to retain a 5 percent ownership position in the project.

The Prairie State Energy Campus is expected to begin generating electricity in the 2011 to 2012 timeframe.

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