New York City-based Sithe Global Power LLC had announced plans for the plant in Shade Township, Somerset County, in January.
Engineers will continue with obtaining permits, but a spokeswoman says other plans are on hold until the company finds a financial partner.
Plans called for using piles of waste coal to generate power.
The power, enough to run 300,000 homes, was to be sold to PJM Interconnections LLC, an electric transmission grid.
The company had hoped the plant could be in production in 2013.