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single stream recycling

Fiberight Seeks $45M Bond from Maine for New WTE Plant

The bond would allow Fiberight to receive credit from investors while avoiding the burden of federal income taxes.

In July 2016, The Maine Department of Environmental Protection (DEP)  issued permits to the state’s Municipal Review Committee and Fiberight to build a new waste management plant in Hampden. And despite Penobscot Energy Recovery Company’s appeal that challenged Fiberight’s permits, construction of Fiberight’s new waste-to-energy (WTE) facility began last fall.

Now, Fiberight is seeking a $45 million bond from the State of Maine to build its $69 million WTE facility. This bond would allow Fiberight to receive credit from investors while avoiding the burden of federal income taxes.

WABI TV5 has more details:

Maryland-based Fiberight wants a $45-million bond from the state to build a waste-processing facility in Hampden.

The Finance Authority of Maine (FAME) held a public hearing in Augusta to hear from folks on both sides of the bond issue.

“Our recycle rate is going to be pushing 80%. We recover plastics and metals, we recover cardboard- which is more and more boxes these days and recycle that back into new boxes. It’s the wave of the future for waste-processing,” said Craig Stuart-Paul, CEO of Fiberight, LLC.

Read the full story here.

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