Updated 11/18 at 1:15 p.m.

The Renewable Energy Center project has been put on hold along with the rest of the projects included in Eastern’s $80 million audit.

“During the development of the project, an unforeseen factor, the current economic downturn, has adversely affected the feasibility of the project,” said President Bill Perry in a statement. “Specifically, credit markets have in the past few weeks considerably tightened.”

Perry added Eastern is still committed to a green option to replace the steam plant, which was built around 1925.

“Given the ongoing uncertainty in credit markets in the near term, we will also consider alternative funding models for steam plant replacement,” he said.

The university announced on Nov. 7 that the Renewable Energy Center, a $40 million project funded by the energy savings created from the audit, would replace the steam plant.

Construction on the center was slated for the spring semester, with the center commissioning in fall 2010.

Other projects derived from the audit included a small wind turbine farm and the replacement of windows in Stevenson Hall and the South Quad residence halls.

All these projects will now be put on hold until further notice.

The steam plant has aged considerably and seen recent breakdowns, most notably the breakdown of coal boilers last winter that resulted in increased heating costs for Eastern.

Check DENnews.com later tonight for additional updates.

Stephen Di Benedetto can be reached at 581-7942 or at [email protected].