$80m wood pellet production facility planned for Maine
February 22, 2013, Eastport, ME — A venture capital is poised to jump-start the economy of Washington County, Maine through plans to construct an $80 million wood pellet production facility on a 40-acre site near the Port of Eastport cargo facility.
February 22, 2013 By Bangor Daily News
A source familiar with details of the project told the Bangor Daily News it could eventually create 100 new jobs.
It was reported that Cate Street Capital, which is based in Portsmouth, N.H., is expected to announce its plans to build the wood pellet plant on property on Staniels Road last owned by BASF, a German chemical firm.
Jon Southern, Eastport’s city manager, confirmed parameters of the deal.
“One of BASF’s conditions for the sale was the site would only be used for industrial purposes, so it couldn’t be developed as a residential development,” Southern said. “BASF still owns the site, but the Port Authority has been purchasing it gradually while they clean it up.
One Eastport source, who asked not to be identified, said it may take several years for the project to fully evolve. The source indicated that a formal announcement of plans to build the Eastport facility was expected to be made on Friday, Feb. 22.
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