| Blackstone's coal problem |
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Environmentalists and politicians are turning up the heat on coal plants proposed by the investment giant. NEW YORK (Fortune) -- Throughout the West - in Colorado, Montana, Nevada, New Mexico, Utah and Wyoming - battles are raging over proposed coal plants. Caught up in two big ones is The Blackstone Group, the global asset manager than went public last year. Blackstone (BX) owns 80 percent of Sithe Global Power, an independent power producer. Sithe wants to build a 1,500-megawatt plant, known as Desert Rock, on land governed by the Navajo Nation in New Mexico. It also wants to build a 750-megawatt plant called Toquop in southeast Nevada. |