Biomass firm faces challenge in mill purchase
Photo / James McCarthy
Biomass company EMEP LLC is facing challenges in getting the funding it needs for the redevelopment of the former Great Northern Paper mill in East Millinocket as a biorefinery and energy park.
The biomass company EMEP LLC is facing challenges in getting the funding it needs for the redevelopment of the former Great Northern Paper mill in East Millinocket as a biorefinery and energy park.
The Bangor Daily News reported the firm has met “impediments” in getting access to a federal loan guarantee to support 70% of the project’s $240 million cost.
The site is owned by Florida-based North American Recovery Management.
EMEP sued North American Recovery Management in February to stop the latter from demolishing the plant, arguing that EMEP had negotiated a right to buy the property for $1.75 million. After the two parties reached a settlement, EMEP continued to research federal loan guarantees and additional funding options to move forward with its original energy park plan, spokesman Dan Cashman told the BDN.
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