CECE, a private interest group that promotes and develops efficient use of natural resources, will assist NACF in the planning and implementation of the BTE project, which calls for the new Port Gibson plant to generate electricity by gasifying sawdust and woodchips to power a turbine.
National Clean Fuels will provide CECE with monthly payments in exchange for a percentage of the BTE 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 would allow the BTE generation facility to redistribute energy along the Port Gibson-area power grid.
The new BTE project 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.
NACF president and chairman Maurice Stone said that this term sheet is another crucial step in solidifying the burgeoning relationship between NACF and CECE.
“The Port Gibson BTE project is proceeding according to plan, and I know that both sides look forward to signing a definitive agreement very soon,” Stone said.
