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Excelsior Energy aims to build gas-fired power plant

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A company that spent more than $40 million in state and federal taxpayer money on a coal-gasification power plant that was never built, has switched gears and secured property to construct a natural gas-fired facility, MPR reports.

Excelsior Energy on Wednesday bought a 240-acre plot of land near the small town of Taconite on the Iron Range at an Itasca County Sheriff's Auction, MPR reports.

The company paid $190,000 for the land, the Star Tribune reports. Excelsior is looking for potential customers, and for now, the company isn't ready to build without a purchaser for the power, CEO Tom Micheletti said in the newspaper.

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