The Redbank Power Station has been sold for $5million to a wholly owned subsidiary of Redbank Energy Limited (REL), Biogreen Energy Pty Limited.
However a statement on the Australian Stock Exchange (ASX) says there “is still a significant amount of work to be undertaken” until operations recommence.
The plant closed last October leaving 39 full-time employees out of work and was placed in the hands of receivers Korda Mentha.
Prior to this it was operated by Redbank Energy and fuelled by beneficiated dewatered tailings (BDT), or waste coal, from the Mount Thorley Warkworth mine.
Last month member for Hunter Joel Fitzgibbon revealed the plant was in the process of being sold to a Sydney based consortium who provide waste services in Western Sydney and has some quarrying interests.
And it was revealed their proposal involved a first for the state – using biomass to produce base load power.
The CSIRO defines ‘biomass’ as biological material (plant and animal) that can be used as fuel.