Mothballed Texas biomass plant auctioned for $5m
The shuttered Aspen Power biomass plant in Texas has been sold to an undisclosed buyer at a price of nearly $5 million (€4.5m).
Located in Lufkin, the 57MW plant that was marketed as the first wood waste-based biomass facility in Texas was sold during a court-ordered auction, the Lufkin News reports.
The plant opened in 2011, but went silent just a year later in 2012 due to challenging market conditions.
In 2013, investors took over and tried to restart the unit in order to sell it, but operations ceased again this year and in September foreclosure on the plant was approved.
Creditors, lien holders and US Bank, the trustee for $53 million in bonds owed, will share the purchase proceeds.