Monday, June 06, 2011

Center Seeking $15 Million Donation To Build Biomass Plant

The Center, through its subsidiary Green Electric (GE), is seeking to build a biomass-to-electricity plant in Port Gibson, Mississippi.  We have approval from the City of Port Gibson and Claiborne County Board of Supervisors to proceed.  The Center also has an agreement with AREVA to serve as construction manager for the project.

Initial funding for the scoping was provided by National Clean Fuels, Inc. (NACF) of Houston, Texas.  Over the past seven months, the Center staff and our contracted engineering firm, Dyson Engineering and Technical Services, visited Port Gibson four times.  After exploring three separate sites for the plant, the Center has decided on the location near an electrical substation in Port Gibson.  Mayor Fred Reaves and residents of the city are excited by the prospect of the project bringing jobs to the area.

Biomass projects are challenging and not necessarily the most attractive investments for investors.  The Center, as a nonprofit organization, has more leverage to make such a business an ongoing operation.  Even with a donation of $10 million to build the plant and $5 million to operate for five years, the economics of the project will be challenging.  However, the job creation benefits, global climate change mitigation implications and the electricity delivery service are worth the risk of building this facility in this area.

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