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Need to Know

Finance Authority of Maine to Provide Fiberight with $45M Bond for WTE Plant

TAGS: Financials
Fiberight
The bond will help Fiberight construct and operate its new WTE facility, which will convert trash from more than 115 communities into biogas.

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.

Now, Fiberight has been 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.

Bangor Daily News has more information:

The Finance Authority of Maine has agreed to back a future waste-to-energy plant in Hampden by providing access to $45 million in tax-exempt bond money.

Maryland-based Fiberight LLC asked FAME for the bond to help construct and operate a $69 million project in Hampden and to get the best interest rate, according to CEO Craig Stuart-Paul. The bonds are treated as government securities and are tax exempt under federal law.

Read the full story here.

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