FirstEnergy Solutions Corp. won court approval to put an Ohio power plant on the auction block with bids starting at $144 million in cash, WSJ Pro Bankruptcy reported. Judge Alan M. Koschik in Akron, Ohio, approved the company’s auction procedures for the 545-megawatt, gas-powered plant located near Lake Erie in West Lorain, Ohio, following a Wednesday hearing. An affiliate of Greenwich, Conn.-based investment firm Starwood Energy Group has agreed to pay $144 million and to serve as the stalking horse, or lead bidder, for FirstEnergy Solutions’ assets. FirstEnergy pegs the total value of the stalking-horse bid at $152 million. Rival bidders will need to offer $157.7 million — $151.7 million in cash plus another $6 million in bid protections — to top Starwood’s initial offer.
