AES site owners served foreclosure notice
by Garth Meyer The AES power plant site is in foreclosure, with more than $36 million in past due payments. Site owner Leo Pustilnikov describes the Oct. 21 Los Angeles County issuance as a “negotiation of a true-up over accounting,” stemming from state payments to keep the plant on standby. The Los Angeles County Recorder’s Office sent a “Notice of Default and Election to Sell Under Deed of Trust” to Pustilnikov and the site’s other investors, stating that “Your Property is in foreclosure because you are behind in your payments; it may be sold without any court action.” “AES and I have an ongoing dispute over public payments,” said Pustilnikov. “Balances between what AES owes me and what I owe AES. It should be resolved in the next couple of weeks.” By law, the county may not set a sale date within 90 days of the Oct. 21 notice of default. The balances in question, Pustilnikov explained, relates to California’s three-year extension for the AES plant to be kept on standby. It was originally scheduled to close in 2020. “AES Redondo Beach has a valid lease with the property owner under which we can operate the Redondo Beach OTC (Once-Through Cooling) units through December 31…
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