OCTOBER 7, 2019
CDC & ELT Announce Purchase of Retired Fox Lake Generating Station, Plans Demolition and Environmental Remediation
Sherburn, MN – Environmental Liability Transfer, Inc. (ELT) today announced the purchase of the retired Fox Lake Generating Station from Alliant Energy’s Iowa energy company. The transaction included the purchase of real estate assets, machinery & equipment, and the assumption of legacy environmental liabilities associated with the site. ELT will oversee the decommissioning and demolition process as well as environmental remediation obligations going forward.
The Fox Lake Generating Station is located in Sherburn, Minnesota along the south bank of Fox Lake. The plant began operations in 1950 and operated as a 105-MW coal-fired power plant that was converted to natural gas in the 1990s. The plant had four turbines at the facility and produced 105 megawatts of electricity, providing power to over 100,000 homes in Martin County and surrounding areas. The plant officially was retired in 2017.
ELT will now commence a series of environmental remediation and demolition projects designed to reposition the 44-acre site for post coal-fired power plant utilization. Pre-development activity will include asbestos abatement, removal of universal waste, environmental remediation working in conjunction with the Minnesota Pollution Control Agency, and demolition of most of the infrastructure on site. The substation and power grid connection will remain intact and available for use by future occupants. The expected timeline for completion is 3 years, at which point the site will be marketed for reuse.
Redevelopment planning and marketing of the site will be managed by Commercial Development Company, Inc (CDC), an ELT affiliate company under common ownership. Throughout the process, CDC will be evaluating the market to determine the highest and best use for this site going forward. Additionally, CDC will be meeting with local leaders and economic development agencies to find potential users who could benefit from the site’s attractive development features, which includes 44 acres of lake front property and immediate access to substations and the power grid.
Experience in Coal Power Plant Retirement
The Fox Lake Generating Station represents the ELT’s sixth power plant purchase since 2014. ELT’s power plant portfolio includes over 3300-MW of retired generation capacity from energy companies such as Dynegy, AEP, DTE Energy, Indiana Michigan Power, and others.
“ELT actively seeks to purchase distressed real estate assets in all sectors – power plants, manufacturing facilities, and other industrial sites. Our goal is to provide win-win solutions for sellers and communities: fair market value for distressed real estate and a fully-funded plan to return the brownfield site to productive reuse,” said Mark Hinds, Executive Vice President at ELT.
About Environmental Liability Transfer, Inc.
Environmental Liability Transfer, Inc., (ELT), an affiliate company of Commercial Development Company, Inc., is a comprehensive, environmental liability assumption company providing its clients complete and final environmental liability transference services. ELT has successfully assumed and abated over $1.5 billion in corporate environmental liability throughout North America. For more information, visit www.eltransfer.com.
About Commercial Development Company, Inc.
Commercial Development Company, Inc. (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally-challenged properties. CDC has purchased and developed over 50-million-square feet under roof located on over 300 sites throughout the United States and Canada. For more information, visit www.cdcco.com.
If you would like more information about this project or Commercial Development Company, Inc., please contact John Kowalik (314) 835-2813; firstname.lastname@example.org.