AES Will Back Away $300M Power Plant

By Jon Greenberg on Tuesday, February 17, 2004.

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The owners of a brand new 300 million dollar power plant in Londonderry have cut their losses and plan to give up their investment. Low revenues have led the AES Corporation to start the process to turn the plant over to its creditors. New Hampshire Public Radio’s Jon Greenberg spoke with Greg Smith, a lawyer for the AES Corporation. Smith says AES will continue to operate the plant and there will be no disruption in service.

Closing text:
Greg Smith, a lawyer for the AES Corporation, says the owners of the Londonderry power plant would normally pay the town of Londonderry about 5 million dollars in property taxes. He says the company will file papers to reduce that amount. The lenders are seeking a buyer for the facility.