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Maine

Fiberight Nears Financial Closure for Maine WTE Plant

Private equity has committed all of the money needed for the construction and operation of the WTE facility.

In July 2016, the Maine Department of Environmental Protection 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 $69 million, 144,000-sq.-ft. waste-to-energy (WTE) facility began in October 2016.

Earlier this month, Fiberight was granted with a $45 million, tax-exempt bond from the Finance Authority of Maine to help construct and operate its new WTE facility, which will convert trash from more than 115 communities into biogas.

Now, Fiberight is saying that it may reach financial closure soon because private equity has committed all of the money needed for the construction and operation of the WTE facility. While its unknown how soon construction would start after financial closing, Fiberight hopes to get the plant up and running within a year.

CentralMaine.com has more information:

With the threat of appeals behind it, the organization representing the solid waste interests of more than 100 Maine communities is moving forward with its part of the deal for a new solid waste plant in Hampden.

Meanwhile, the Maryland-based company that will build and operate the plant said it may reach financial closure soon.

The Municipal Review Committee voted at a meeting Wednesday to buy the site for the project and the utility corridor and enter into agreements with the town of Hampden and the Hampden Water District, all on certain conditions.

Read the full story here.

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