Monday Benson’s City Council unanimously passed a resolution that would transfer all its operating agreements with Fibrominn to Competitive Power Ventures (CPV).
For the past couple years, Fibrominn has been operated as a subsidiary of Contour Global. However, after the company was placed in receivership, Contour Global asked to transfer all of Fibrominn’s assets to CPV.
“Contour Global’s subsidiaries PowerMinn and FibroMinn, which operate the facility, are in receivership ‘as a result of a breach of contract and default under certain note agreements to the facility,’ according to the Federal Energy Regulatory Commission (FERC) document,” Infrastructure Journal and Project Finance Magazine reported.
“The companies are aiming to close the transaction by the end of March 2015, after they receive authorization from the Federal Energy Regulatory Commission,” the magazine said.
Under CPV, Fibrominn will become Benson Power.