The Coastal Resources of Maine waste-to-energy plant in Hampden in operation in 2019. The plant later closed for financial reasons. The Municipal Review Committee, which represents the solid waste interests of 115 towns and cities in Maine, is working with an investor to reopen. A financial agreement between the two sides was supposed to be finalized Thursday, but now has been extended to the end of the month. Courtesy of Fiberight/Coastal Resources of Maine
The committee representing the municipal solid waste interests of 115 Maine communities has extended the deadline on closing with a financial partner that would operate and partially own the Coastal Resources of Maine recycling and waste-to-energy plant in Hampden.
The nonprofit Municipal Review Committee, which bought the plant in August for $1.5 million, began negotiating last summer with Revere Capital Advisors LLC toward owning and operating the plant under a new name, Municipal Waste Solutions.
Under the draft terms, Revere would provide the capital needed to restart and operate the facility and would be majority partner. MRC set a deadline of Thursday to seal the agreement, but has extended it to Nov. 30.
The facility closed for financial reasons in May 2020. Coastal Resources of Maine was formed by the international company Fiberight to finance, run and operate the facility. With plant’s closure, about 25% of MRC members’ waste is taken to the Waste Management landfill in Norridgewock, and the other 75% goes to Penobscot Energy Recovery Co. in Orrington.
The MRC voted Wednesday to accept an additional $150,000, nonrefundable deposit from Revere and negotiated terms allowing for the extension of the financial closing to the end of the month, with Revere agreeing to pay the carrying costs of the plant, which is important as the colder months approach, according to a notice the MRC issued Thursday.
It reads that, in keeping with previous terms, Revere would own 95% of the shares of Municipal Waste Solutions and cover other restart costs that will come in the spring.
“We remain encouraged by Revere’s continued interest in this project and significant financial investment to date,” the notice reads. “The additional time … is necessary to finalize the numerous complex legal documents required and to allow Revere to further confirm financial and operating plans for a profitable facility restart. As always, the MRC will continue to keep our members updated on this process.”
The MRC said it is scheduled to meet from 3 to 5 p.m. on Dec. 14 at the Orono Town Office, where it is expected to share more news about the plant, efforts to reopen it and its plans for 2023.
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