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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.
1 Min Read
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.
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