PG&E; Unit Gets Financing for Plants

PG&E; Corp.’s National Energy Group unit said it got $1.08billion in financing for building power plants in New York, Arizona and Massachusetts.

Some of the money is for the construction of a 1,080-megawatt plant in New York and a 1,092-megawatt generator in Arizona, spokesman David Mould said. One megawatt is enough electricity to light 1,000 U.S. homes.

The rest of the money will be for costs at a 360-megawatt plant in Massachusetts, which opened in April. The three plants run on natural gas.

As much as $625 million in additional financing is expected to be completed in the coming months, Mould said.

Societe Generale and Citigroup Inc.’s Salomon Smith Barney led the financing. National Energy Group is based in Bethesda, Md.

Shares of San Francisco-based PG&E;, owner of California’s largest utility, rose 41 cents to $19.82 on the NYSE.