Pieces continue to fall into place for the Taylor Biomass project
Tuesday August 2, 2011
MONTGOMERY – The building is up, but not much visible activity was happening in the immediate vicinity of what James Taylor hopes will become a major regional recycling project that will transform waste into energy through biomass gasification.
Taylor said they are “pretty much” through permitting for the Montgomery facility.
“We still have to go back to the town and DEC with the actual building and designs as they get finalized.”
The financing is just about complete. The debt portion is through Department of Energy loan guarantees, arranged with some help from U.S. Senator Charles Schumer (D-NY).
The equity side is through two equity investors. Taylor is not identifying the investors, just yet.
The initial target is 65 percent equity. He is, however, optimistic that the equity portion could be as much as 75 percent of the project.
The big remaining task is finalizing municipal waste agreements.
“We have a number of municipalities that have approved the concepts that are now in the legal review of the contract. We’ve had several of them that have already signed,” he said. “Hopefully, over the next week to two weeks, that will get completely finalized.”
Two weeks ago, Taylor signed on the City of Newburgh.