An energy provider in the US received $1 billion to support low-cost and cleaner energy initiatives by 2020.

This follows the completion of financing needed to lease the John Sevier power plant in Tennessee for which it received the proceeds.

Tennessee Valley Authority (TVA) is set to complete the 880 MW natural gas plant and lease it back over 30 years.

Chief Financial Officer, John Thomas said: “We will operate the plant for 30 years under this lease. And at the end of the term, the plant ownership will return to us.”

The plant is set to begin operation this summer.