Seven hydroelectric plants in upstate New York, totaling 9.706 MW, are to be sold at auction in a bankruptcy sale of Trafalgar Power Inc. and Christine Falls of New York Inc. Bids are due Sept. 10 for the Sept. 16 auction.
Clearbid Capital LLC, an equity investment firm, has been retained to find a buyer in the accelerated Section 363 bankruptcy sale under Bankruptcy Case No. 01-67457, Northern District of New York.
Clearbid said the seven plants have Federal Energy Regulatory Commission licenses that can be transferred to qualified buyers rather than undergo standard licensing procedures for new hydro projects. Three projects are reported to be in good operating condition with positive cash flow and no major FERC concerns. Four require some investment to resume profitable operation, Clearbid said.
The investment firm said it is possible the plants can be made to operate at higher efficiency levels with modest investment from an industry operator.
Projects include:
- 3.3-MW Forestport (No. 4900), described as profitable, on FDR Canal and Black River, Oneida County;
- 2.626-MW Ogdensburg (No. 9821), profitable, Oswegatchie River, St. Lawrence County;
- 850-kW Christine Falls (No. 4639), profitable, Sacandaga River, Hamilton County;
- 400-kW Kayuta Lake (No. 5000), needs repairs, Black River, Oneida County;
- 500-kW Cranberry Lake (No. 9685), needs repairs, Oswegatchie River, St. Lawrence County;
- 1.68-MW Herkimer (No. 9709), needs repairs, West Canada Creek, Herkimer County;
- 350-kW Adams (No. 6878), needs repairs, Sandy Creek, Jefferson County.
Clearbid set 5 p.m., Eastern time, Aug. 15 as the deadline for a “stalking horse offer” in which a company selected from among interested firms submits an initial bid setting a minimum price for bidding for the assets. The deadline for bidding is 5 p.m., Eastern time, Sept. 10. The auction is set for 11 a.m., Eastern time, Sept. 16 followed by a sale hearing at 2 p.m., Eastern time, Sept. 18.
A sale notice and qualifying documents may be obtained from Clearbid’s Internet site at http://www.clearbid.com/events/index.htm. For information, contact by e-mail Peter Hartheimer, Clearbid Capital LLC, c/o Wilk Auslander LLP, 1515 Broadway, 43rd Floor, New York, NY 10036; (1) 845-323-1267; E-mail: [email protected]; Internet: http://www.clearbid.com.
