Fiberight LLC, Catonsville, Maryland, is asking the Finance Authority of Maine (FAME) for a $45 million bond to build its waste-to-energy (WTE) facility in Hampden, Maine, according to a report by WABI.
FAME held a public hearing on the issue.
Fiberight broke ground on its WTE facility in October 2016. The facility, a project between Fiberight and the nonprofit that represents solid waste interests of more than 187 Maine communities called the Municipal Review Committee (MRC), will turn municipal solid waste into biofuels.
The company is seeking state assistance that would allow it to receive credit from investors while avoiding federal income taxes, the report says. The $45-million bond will help with the $69-million construction costs.
Fiberight is waiting to settle an ongoing appeal of its solid waste and air emissions licenses by Penobscot Energy Recovery Co. (PERC), Orrington, Maine, which has a power-purchase agreement with Emera Maine that expires in 2018. Because of the appeal, Fiberight has yet to secure construction financing.
Craig Stuart-Paul, CEO of Fiberight, said in the hearing that PERC proposed a higher tipping fee after the agreement expires while Fiberight offers a lower tipping fee that is designed to save $30 million over the span of the 15 year contract, the report says.
If the bond is issued, the report says, the company will pay back investors in full and the plant would be operational by April 2018. A decision is scheduled to be made within 30 days.
FAME held a public hearing on the issue.
Fiberight broke ground on its WTE facility in October 2016. The facility, a project between Fiberight and the nonprofit that represents solid waste interests of more than 187 Maine communities called the Municipal Review Committee (MRC), will turn municipal solid waste into biofuels.
The company is seeking state assistance that would allow it to receive credit from investors while avoiding federal income taxes, the report says. The $45-million bond will help with the $69-million construction costs.
Fiberight is waiting to settle an ongoing appeal of its solid waste and air emissions licenses by Penobscot Energy Recovery Co. (PERC), Orrington, Maine, which has a power-purchase agreement with Emera Maine that expires in 2018. Because of the appeal, Fiberight has yet to secure construction financing.
Craig Stuart-Paul, CEO of Fiberight, said in the hearing that PERC proposed a higher tipping fee after the agreement expires while Fiberight offers a lower tipping fee that is designed to save $30 million over the span of the 15 year contract, the report says.
If the bond is issued, the report says, the company will pay back investors in full and the plant would be operational by April 2018. A decision is scheduled to be made within 30 days.
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