A foreclosed power plant in Lufkin, Texas, was sold for around $5 million, a report by the Dallas News says. The Aspen Power biomass facility was sold to its only bidder at a court-ordered auction.
According to the report, the biomass facility was advertised as the first wood-waste electric generation facility in Texas. It opened in 2011 but became idle in 2012 after falling market conditions.
The plant produced 57 megawatts, the report says. Investors took it over in 2013 and attempted to restart it, but a judge approved foreclosure to the unit again in September.
The name of the buyer was not released, the report says. Creditors, lien holders and U.S. Bank, the trustee for $53 million in bonds owed, will share the purchase value.
According to the report, the biomass facility was advertised as the first wood-waste electric generation facility in Texas. It opened in 2011 but became idle in 2012 after falling market conditions.
The plant produced 57 megawatts, the report says. Investors took it over in 2013 and attempted to restart it, but a judge approved foreclosure to the unit again in September.
The name of the buyer was not released, the report says. Creditors, lien holders and U.S. Bank, the trustee for $53 million in bonds owed, will share the purchase value.
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