September 7, 2016
The Aspen Biomass Plant in Lufkin, TX, shuttered for years, is likely headed to the sheriff’s auction block. Trustees filed suit in Texas court to send the 50-megawatt renewable power plant to auction. Assuming the motion is approved, the sale will be scheduled for Nov. 1 at the Angelina County Courthouse in Lufkin. The minimum starting bid will be just under $5 million.
The plant at 2001 Kurth Dr. was completed in 2011 at a cost of $140 million. It was designed to be one of the cleanest biomass plants in the industry, delivering approximately 140,000 MWh of power. However, the owners were unable to make payments on funds borrowed to build the plant, putting it into eventual foreclosure.
Certus Financial is advisor to the trustee.
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