LUFKIN, Texas (AP) — A foreclosed East Texas power plant has been sold for nearly $5 million.
The Lufkin News (http://bit.ly/2f0I2u2 ) 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.
The newspaper reports creditors, lien holders and U.S. Bank, the trustee for $53 million in bonds owed, will share the purchase proceeds.