2017-02-18 / State/Regional

Proposed waste-to-energy plant aims for $45 million bond

ASSOCIATED PRESS

PORTLAND (AP) — A company is seeking a $45 million bond from a state financing authority to build a $69 million plant that would transform waste to energy.

The pass-through" bond would let Maryland-based Fiberight receive credit from investors while avoiding federal income taxes.

The company would have to pay back the investors, so Maine's credit wouldn't be jeopardized.

A public hearing is set for Monday in Augusta.

The waste plant is set to open in 2018, when a contract between a committee representing central Maine communities and Penobscot Energy Recovery Company ends.

That company appealed the state's approval of Fiberight's permits, and an environmental group questions Fiberight's technology and finances.

Fiberight's CEO said losing the bond could increase fees for communities that haven't joined the committee.

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