Partner backs out of Calais LNG project
The developer hoping to build a liquefied natural gas terminal in Calais is looking for a new financial backer after the original partner left the project.
In a letter to the Board of Environmental Protection, Calais LNG said GS Power Holdings LLC, a subsidiary of Goldman Sachs Group Inc., "is in the process of selling its interest in the project to a new financial partner" for unspecified reasons, according to the Bangor Daily News. If Calais LNG can't find a new partner by Aug. 11, the company plans to withdraw its application with the BEP. The BEP has not yet responded to Calais LNG's letter and request to postpone a legal meeting scheduled for Friday.
Last week, Calais LNG's site plan for the $1 billion terminal won approval from the city's planning board. Hours later, the company asked the BEP to postpone public hearings on the project until after Sept. 1, saying it needed time to finish compiling required information, a request the board reluctantly approved, according to the paper.
Go to the article from the Bangor Daily News >>
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