Financial Backer Drops $3B Power Plant Amid Permit Row

Law360, Houston (January 23, 2013, 7:03 PM EST) -- The financial backer for an embattled $3 billion coal-fired power plant in south Texas said Wednesday it has suspended efforts to secure permits for the 1,300-megawatt facility and is going out of business, leaving the project’s future uncertain.

Chase Power Development LLC CEO Dave Freysinger said in a statement Wednesday that regulatory hurdles and economics forced the company to make the “difficult” decision to back away from ongoing litigation over air permits for the Las Brisas Energy Center and to seek new investors for the project...
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