White Mountain News
Cate Street Capital breaks ground on Burgess Biopower plant
Berlin, NH – Cate Street Capital, a national leader in developing green technology companies, was joined by New Hampshire Governor John Lynch and other state and local officials today to formally break ground on its Burgess BioPower power plant in Berlin, 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. I am pleased we were all able to work together – Cate Street Capital, PSNH, local, and state officials – so that we can break ground on this facility, which will be a real economic benefit to the North Country,” Gov. John Lynch said. Burgess BioPower, which has a 20-year agreement to sell its power to Public Service Company of New Hampshire (PSNH), sits on the Androscoggin River in downtown Berlin. The property was formerly part of the Fraser Papers pulp mill which closed in 2006. The biomass plant will burn approximately 750,000 tons of low-grade wood per year, supporting several hundred jobs for foresters, loggers and chippers. In this regard, Burgess BioPower is estimated to inject approximately $25 million annually into New Hampshire’s North Country economy.
“Cate Street Capital focuses on finding and supporting green technologies and environmentally sustainable projects for a better world,” said John Hallé, 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.” Hallé added the biomass site would make an ideal spot for a manufacturing company to co-locate its operations and take advantage of economic and energy synergies.
“This is truly a win-win for Berlin and the North Country, for PSNH and our customers, the state, of New Hampshire, and for Cate Street Capital,” said Gary Long, PSNH president and chief operating officer. “It is very encouraging to see such a significant investment in New Hampshire’s future. The renewable energy that will be generated here will service our customers well for many years to come.”
PSNH President Gary Long reads the Berlin Reporter editorial "From gloom to boom."
NH Department of Resources and Economic Development Commissioner George Bald said, “The Berlin/Gorham area leaders are supporting positive changes to their local economy, so this is a very exciting day for all of northern New Hampshire.
The Burgess BioPower Plant is expected to create approximately 400 construction jobs and 40 permanent jobs in Coos County; and once complete, will be among the largest and most environmentally advanced biomass energy plants in the Northeast.”
Berlin Mayor Paul Grenier, an ardent supporter and instrumental leader throughout the project’s permitting process, said at today’s groundbreaking, “This is a wonderful pre-holiday gift for us – bringing desperately needed jobs to Berlin and Coos County. This biomass plant is a huge benefit to all the people of northern New Hampshire – not just those here and now, but for future generations as well. Use of biofuels can reduce dependence on out-of-state and foreign energy sources, keeping energy dollars invested in New Hampshire’s economy.”
In this challenging economic environment, Cate Street Capital was able to secure an investment grade rating for Burgess BioPower. Prudential Capital Group, a global provider of private capital, through its Electric Finance Group, was the lead lender providing the project with senior secured debt.
Babcock & Wilcox Construction Co., Inc. (BWCC), a Babcock & Wilcox Company, was awarded the contract to engineer, procure and construct (EPC) Burgess BioPower. A subsidiary of Delta Power Services, LLC, a B&W company, has been awarded a separate six-year contract worth more than $19 million to provide operations and maintenance services (O&M) for the plant.
The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor.
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.