Top bid on plant is $250k A Chinese company placed the winning bid of $250,000 for the bankrupt solar power plant in Peoria during an online auction Tuesday, getting a steep discount to its building cost.
The power plant received a $7 million federal grant in 2010, according to Energy Department records. Solar projects were eligible for grants of as much as 30 percent of their capital cost, which implies the plant cost as much as $23 million.
The auction price might seem like a steal, but the... read more