Governor Greg Abbott has announced that a new 1,350 megawatt natural gas power plant will be built in Ward County, Texas, following the approval of a Texas Energy Fund (TxEF) loan agreement. The project will be developed by Competitive Power Ventures (CPV) Basin Ranch and is scheduled to begin supplying electricity to the Electric Reliability Council of Texas (ERCOT) region in 2029.
“The Texas Energy Fund secured the largest capacity project to date, with 1,350 MW of new, reliable power generation coming online that will further fortify our state grid and support our growing economy for decades,” Governor Abbott said. “As one of the largest sources of dispatchable power generation for the grid, this investment is just the latest example of why Texas is the energy capital of the world. We will take every step necessary to ensure affordability and electric reliability for Texas homes and businesses across our great state.”
Public Utility Commission of Texas Chairman Thomas Gleeson noted that this financing brings total TxEF-backed new power capacity above 3,100 MW. “There is important work still ahead, but this newest commitment to invest in Texas is a clear demonstration of the value and reliability benefits the TxEF is bringing to bear,” Gleeson stated.
Competitive Power Ventures CEO Sherman Knight expressed appreciation for local and state support: “We thank Governor Greg Abbott, his administration, the Texas Legislature, the PUC, and Ward County for their continued support of the CPV Basin Ranch Energy Center that will provide critical baseload power to the citizens of Texas. Through incentives and available natural resources, Texas is paving the way for new investments and development across the state; CPV looks forward to playing a role in that future.”
The planned facility represents both TxEF’s largest single project by capacity so far and one of ERCOT’s most significant upcoming sources of dispatchable generation. The $1.88 billion project will receive $1.12 billion—about 60%—of its funding from a low-interest (3%) loan provided through TxEF’s In-ERCOT Generation Loan Program. This loan runs from October 28, 2025 through October 28, 2045.
The plant must comply with performance standards as set out by program rules. The Public Utility Commission oversees TxEF loans via a competitive application process with detailed financial review.
Currently there are twelve additional projects under review within this loan program representing nearly 5,900 MW in proposed new dispatchable generation for ERCOT.
Further details about these programs can be found on the PUC website.
