Calais LNG pulls state application
After delaying state review for months, Calais LNG has withdrawn its application to build a $1 billion liquefied natural gas terminal Down East.
In a letter to Board of Environmental Protection Chair Sue Lessard, Ian Emery of Calais LNG blamed "the extreme turbulence of the capital markets" for stalling the project, according to the Bangor Daily News. At the end of November, the company asked the BEP for a fourth extension to complete its application as it finalized an agreement with a new, unnamed investor and renegotiated an option to buy the 330-acre site for the planned facility. This summer, investor GS Power Holdings, a subsidiary of Goldman Sachs Group Inc., pulled out of the project. In a memo to the board sent earlier this week, Lessard recommended against giving Calais LNG any more time, after approving three previous extensions beginning in July. The board was expected to consider Lessard's draft order Thursday.
Emery did not provide details on Calais LNG's efforts to secure new financial backing or regain the title to the land, but said the company "fully intends to re-file its application" in the near future, according to the paper.
Go to the article from the Bangor Daily News >>
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