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.
