Aspen Power biomass plant in East Texas sold for nearly $5M

LUFKIN, Texas (AP) — A foreclosed East Texas power plant has been sold for nearly $5 million.

The Lufkin News ( ) reports the Aspen Power biomass plant in Lufkin was sold Tuesday to the lone bidder in an Angelina County court-ordered auction. An attorney represented the buyer, whose name wasn’t immediately disclosed.

The Aspen Power plant was marketed as the first wood-waste biomass electric generation facility in Texas. The 57-megawatt plant opened in 2011 but was idle in 2012 amid challenging market conditions.

Investors took over in 2013 and for a time restarted the plant to try to sell the unit, which closed earlier this year. A judge in September approved foreclosure.

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The newspaper reports creditors, lien holders and U.S. Bank, the trustee for $53 million in bonds owed, will share the purchase proceeds.