ESCANABA -- Officials have narrowed down the candidates to one potential buyer for the Escanaba power plant.
The plan is to negotiate exclusively with the local company, Escanaba Green Energy.
Escanaba Green Energy and Recast Energy of Richmond were both considered as buyers for the power plant.
Escanaba Green Energy was selected as a potential buyer because they met all of the asked requirements and had the higher offer price.
Formal action was taken by city council to recommend one of the two parties. Both parties were asked for a non-refundable deposit, and if it got to a closing, they were told they'd be asked for a bond to protect the city from any party that would buy the plant and abandon it.
Now officials need to reach an exclusivity agreement with Escanaba Green Energy, and they hope to have it in two weeks.
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