HELENA, Mont. - The head of the Montana Board of Investments says the board has never made a loan like the one House Speaker Austin Knudsen is proposing for an owner of the Colstrip power plant.
Knudsen is sponsoring a bill that would allow the board to grant Talen Energy loans of $10 million a year to keep two units of the coal-fired plant open until 2022.
The loans are meant to help a company that says it's losing $30 million a year. Talen lobbyist John Metropoulos says the units could close this year without assistance.
Board of Investments Executive Director David Ewer said Monday the board has never before loaned money for a company's operations.
He says that he anticipates the loan would have to be secured with some asset for the board to believe it would be prudent.