Questions remain about future of biomass facility
– by Rhonda Oaks, October 20, 2013. Source: The Lufkin News
Since a judge’s ruling in May allowed an outside management company to assume control of the idled Aspen Power plant in North Lufkin, many citizens have questioned the status of the 57-megawatt facility that was intended to be the state’s first wood-waste biomass electricity generation plant in Texas. Those questions have gone unanswered by officials of U.S. Bank, InventivEnergy, the management company in charge of the company’s fate, and Danny Vines, owner of Aspen Power, who was millions of dollars behind in bond payments in May.
The Angelina Neches River Authority issued the bonds that totaled $53.33 million. The loan agreement required Aspen to make payments of one-sixth of the interest due monthly and one-12th of the principal due on May 1 and Nov. 1. The notice states that Aspen Power failed to make payments in 2012 and 2013 through May 1. General Manager Kelley Holcomb said that since the May ruling, ANRA has also been kept in the dark on progress or changes regarding Aspen.
