CECE will assist NACF in the planning and implementation of the power project, which calls for the new Port Gibson plant to generate electricity by gasifying sawdust and woodchips to power a turbine.
NACF will provide CECE with monthly project support payments in exchange for a percentage of the power project’s net profits for a duration that will be over several years from the date the biomass power generator becomes operational.
Currently, NACF and CECE are working to finalize an interconnection agreement with local providers that will allow the power generation facility to redistribute energy along the Port Gibson-area power grid.
The new plant complements the strategy of the state of Mississippi, which has authorized $51m in new incentives to help bring three biofuel plants to the state in addition to providing $30m loan, adding up to an $81m incentive package.
