FAME - Finance Authority of Maine
11/20/2024 | Press release | Distributed by Public on 11/20/2024 10:38
EME Biofuel Bond Public Hearing
NOTICE OF PUBLIC HEARING
Pursuant to Title 10, §1043 of the Maine Revised Statutes and 26 USCA §147(f), the Finance Authority of Maine (the "Authority") will hold a public hearing at 10:30 AM on December 4, 2024, at 5 Community Drive, Augusta, Maine on an application for a Certificate of Approval for issuance of Revenue Obligation Securities to finance the Project described below.
BOND ISSUER:
INITIAL OWNER /
USER OF PROJECT:
PROJECT LOCATION:
DESCRIPTION
OF PROJECT:
Finance Authority of Maine
EME Biofuels LLC
50 Main St., East Millinocket, ME 04430
Bond proceeds will be used to finance (i) a portion of the costs to construct and equip a biomass-to-biofuels plant on land that was part of the former Great Northern Paper Company mill. The facility that will process unwanted and hazardous forest residue from timber production (treetops, branches and bark, left on the ground after logging or accumulating as a result of a storm, fire, delimbing or other similar disturbance) and other biomass into high-quality liquid biocrude or biofuel, (ii) costs of issuance, (iii) construction period and other capitalized interest and (iv) a debt service reserve fund. The biocrude or biofuel produced at the facility can be used as a renewable fuel for heating and cooling, as a feedstock for co-processing in petroleum refineries in the production of renewable gasoline and diesel and contributes to the production of renewable chemicals. The facility may also produce sustainable aviation fuel, cellulosic ethanol, and other renewable products
MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY
THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT: $160,000,000
Prior to issuing a Certificate of Approval, the Authority must make certain findings, including a finding that the Project will not result in substantial detriment to existing industry. Any person or competitor may attend the hearing and will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in Title 10, §1043(2) of the Maine Revised Statutes, including public benefit and whether the Project could result in a substantial detriment to existing business. Anyone planning to attend the hearing or to make a statement at the hearing is requested to notify the Authority and to send a written summary of the proposed comments by no later than December 1, 2024, to:
Finance Authority of Maine
Christopher H. Roney, Esq.
P.O. Box 949
5 Community Drive
Augusta, Maine 04332-0949
(207) 623-3263
[email protected]
The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.