A Penobscot County decide has cleared the sale of a shuttered Hampden trash plant to a gaggle of Maine cities and cities, marking an necessary step towards reopening the ability that’s sat dormant for greater than two years.
Penobscot County Superior Courtroom Justice William Anderson this week accepted the sale of the ability to the Municipal Evaluate Committee, the group that represents the 115 Maine cities and cities that used the plant within the six months it ran. The sale is about to be finalized subsequent week.
The Municipal Evaluate Committee reached an settlement with the financiers of the ability earlier this 12 months to launch a brand new bidding course of. If no certified bidders stepped ahead, the financiers who funded the ability’s development must settle for the Municipal Evaluate Committee’s so-called stalking horse bid, which got here in at only a fraction of the general value of constructing the ability.
Referred to as Coastal Sources of Maine, the plant has remained dormant since Could 2020, when it shut down after it ran out of funds.
As a part of a closing plan to promote the ability by the top of June, the financers — largely a group of out-of-state funding funds — agreed to permit the Municipal Evaluate Committee to put a last-resort supply price simply over $1 million. That provide is a fraction of the $52 million the bondholders paid towards the ability’s development.
In keeping with the Municipal Evaluate Committee’s most up-to-date monetary report, it has already positioned a $150,000 down fee on the ability.
The group mentioned Friday that, after the sale is finalized, it’s going to work with its new associate, Revere Capital Advisors, to finalize agreements to restart the ability.
Underneath the settlement with Revere, the corporate and its associates will present the cash wanted to restart and function the ability. The MRC estimates it’ll value about $20 million alone to get the ability again up and operating.
Revere may even be the bulk proprietor of Municipal Waste Options, the brand new firm the Municipal Evaluate Committee shaped to buy and personal the ability.
Throughout the newest assembly of the Municipal Evaluate Committee’s board of administrators final week, representatives from Revere Capital mentioned they may work carefully with an organization known as CS Options, which can play a lead function within the facility’s restart. The corporate has deep ties to an funding group that did not revive the 2 paper mills in Millinocket and East Millinocket.