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The agreement between Peabody and SIPC was signed this week as Peabody progresses in its approval process for the 1600MW coal-fuelled power plant.
The plant will use advanced technology to increase efficiency while achieving superior emission reduction rates when compared to America's existing power stations.
Peabody president of generation and Btu conversion Rick Bowen said the company is working towards final approvals in October this year and expects to have the plant online in 2011-12.
SIPC's group includes American Municipal Power-Ohio; Illinois Municipal Electric Agency; Indiana Municipal Power Agency; Kentucky Municipal Power Agency; Missouri Joint Municipal Electric Utility Commission; Northern Illinois Municipal Power Agency; and Prairie Power.
