The company responsible for financing a coal-fired power plant on the Texas Gulf Coast announced it is dissolving and will not continue to seek necessary permits for the project, according to The Associated Press.
Houston-based Chase Power, released a statement saying the proposed 1,300 MW Las Brisas power plant project had been suspended. So far, the company has struggled to obtain all of the permits needed to begin building the $3 billion coal-fired power plant, the AP reported.
For instance, in July 2012, the state had issued the project an air permit, but a judge struck it down, saying regulators failed to sufficiently show how the plant would meet air pollution standards. The U.S. Environmental Protection Agency was also worried the plant would bring more pollution to the area than is federally allowed, according to the AP.
The plant would have been located in Corpus Christi, Texas. It was just one of a few plants being planned in Texas, the State Impact reported.
In the company statement, Chase Power CEO Dave Freysinger said regulatory "obstacles" ultimately led to the decision to halt plans for the plant.
“Chase Power … has opted to suspend efforts to further permit the facility and is seeking alternative investors as part of a plan of dissolution for the parent company,” the statement said.