BERLIN, N.H. — Cate Street Capital, the same company that recently purchased the mills in East Millinocket and Millinocket, has broken ground on a Burgess BioPower plant in northern New Hampshire.
The $275 million, 75-megawatt facility is expected to generate power from biomass wood chips by late 2013.
“The construction of this new biomass power plant will bring jobs to the North Country, and increase the amount of renewable energy used in New Hampshire,” New Hampshire Gov. John Lynch said in a press release. “I am pleased we were all able to work together — Cate Street Capital, local and state officials — so that we can break ground on this facility.”
Burgess BioPower, which has a 20-year agreement to sell its power to Public Service Co. of New Hampshire, sits on the Androscoggin River in downtown Berlin. The property formerly was part of the Fraser Papers pulp mill, which closed in 2006. The plant expects to burn approximately 750,000 tons of low-grade wood per year, supporting several hundred jobs for foresters, loggers and chippers. The plant is expected to inject approximately $25 million annually into northern New Hampshire’s economy.
“Cate Street Capital focuses on finding and supporting green technologies and environmentally sustainable projects for a better world,” said John Halle, president and CEO of Cate Street Capital. “Burgess BioPower certainly meets these criteria, and as an added bonus, will create a significant amount of good jobs in a region of New Hampshire that needs them most.”
The Burgess BioPower Plant is expected to create approximately 400 construction jobs and 40 permanent jobs in Coos County. Once complete, it will be among the largest and most environmentally advanced biomass energy plants in the Northeast.
Cate Street Capital was able to secure an investment grade rating for Burgess BioPower. Prudential Capital Group, a global provider of private capital, through Electric Finance Group was the lead lender providing the project with senior secured debt.
Cate Street Capital is devoted to breakthrough technologies for the protection of the planet and brings technologically advanced and environmentally conscious solutions to life through strategic and fiscally sound development practices, according to its press release.