Stuart B. Millner & Associates (SBMA)--an asset management company--recently signed a contract with Piney Creek Limited Partnership to liquidate the assets from the waste coal-and-biomass fueled Piney Creek Power Plant in Clarion, PA. The facility originally cost approximately $182 million to build in 1991, and has undergone numerous expensive renovations since.
The Piney Creek Power Plant--a 32 MW (net) generating plant that utilized waste bituminous coal as its primary fuel source--shut down in 2013. According to SBMA officials, the assets are "state of the art," and could prove to be a great opportunity for buyers in need of meeting mandatory percentages of renewable energy. Indeed, many of the assets are very new. For example, the biomass system was just installed in 2012.
How the Assets Will Be Sold
The assets will be sold through multiple auction events. The first will be hosted online at Bidspotter, an international online auction platform. This auction will include the new biomass system, as well as a valuable boiler, a coal crusher and three transformers. Bidding is scheduled to close on January 22. More auction events for the power plant will follow.