Potential investor withdraws $5M loan offer to biomass company
Boston-based Arctaris Royalty Ventures Co-Investment LP withdrew its offer to to loan $5 million to Stored Solar LLC, owner of biomass power plants in West Enfield and Jonesboro. Most of the proposed loan was to have been backed by Finance Authority of Maine.
The Bangor Daily News reported that FAME spokesman Bill Norbert confirmed that Arctaris rescinded its request for the state agency to insure 90% of its proposed loan to Stored Solar, a subsidiary of the French energy firm Capergy, which purachased the two plants from Covanta Energy in October 2016. The company recently filed reports with the Maine Public Utilities Commission that show a significant decline in energy output and biomass purchasing over the second quarter of this year.
BDN reported that Stored Solar recently made dramatic changes to its plans to transform both biomass facilities into sustainable businesses by finding uses for waste heat and waste products, such as using the heat for farming shrimp. The company is seeking a separate $500,000 loan from the Maine Rural Development Authority for three shrimp farming buildings next to the West Enfield plant, the newspaper reported.
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