Legal settlement opens way for proposed $240M biorefinery project
Photo / James McCarthy
A legal dispute between the owner of the former Great Northern Paper Co. in East Millinocket and a prospective buyer that wants to build a $240 million biorefinery there has been settled, clearing the way to a sale of the property.
A legal dispute between the owner of the former Great Northern Paper Co. in East Millinocket and a prospective buyer that wants to build a $240 million biorefinery there has been settled, clearing the way to a sale of the property.
The Bangor Daily News reported that the buyer, EMEP LLC, stated in court filings that it had reached a deal with North American Recovery Management, which which purchased the closed mill in March 2016. EMEP expected to close the deal within 60 days, the newspaper reported.
Terms were not disclosed but previous press reports stated EMEP had offered to pay $1.75 million for the property.
The acquisition of the shuttered Great Northern mill property by EMEP is a necessary step in its plans for a $240 million biorefinery that would make combustible fuels from wood using technology in development by Shell Oil subsidiary CRI Catalyst Co., BDN reported in March.
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