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October 16, 2017

Potential investor withdraws $5M loan offer to biomass company

Boston-based Arctaris Royalty Ventures Co-Investment LP withdrew its offer to to loan $5 million to Stored Solar LLC, owner of biomass power plants in West Enfield and Jonesboro. Most of the proposed loan was to have been backed by Finance Authority of Maine.

The Bangor Daily News reported that FAME spokesman Bill Norbert confirmed that Arctaris rescinded its request for the state agency to insure 90% of its proposed loan to Stored Solar, a subsidiary of the French energy firm Capergy, which purachased the two plants from Covanta Energy in October 2016. The company recently filed reports with the Maine Public Utilities Commission that show a significant decline in energy output and biomass purchasing over the second quarter of this year.

BDN reported that Stored Solar recently made dramatic changes to its plans to transform both biomass facilities into sustainable businesses by finding uses for waste heat and waste products, such as using the heat for farming shrimp. The company is seeking a separate $500,000 loan from the Maine Rural Development Authority for three shrimp farming buildings next to the West Enfield plant, the newspaper reported.

Read more

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Stored Solar: Jonesboro biomass plant will reopen after boiler repairs

Jonesboro biomass plant shut down

Biomass firm settles with loggers, wants PUC to defer its subsidy payments

Stored Solar planning greenhouses next to biomass plant

Road map for struggling biomass industry?

PUC approves biomass subsidy for four facilities

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