Powers Energy Meets Goal for Trash-to-Ethanol Plant
by Carrie Napoleon (Post-Tribune/SunTimes) Powers Energy has met the requirements of the 60-day milestone set out by the Lake County Solid Waste Management District board regarding land acquisition for the proposed $360 million trash-to-ethanol plant.
Thursday the LCSWMD board accepted 21-1 the documentation outlining the land acquisition deal for the property and the required zoning changes approved by the Schneider Town Council. Board Chairman Rick Niemeyer was the lone no vote.
“They have executed an option to purchase the land,” Cliff Duggan, the board’s attorney, said, adding Powers had submitted all the required documentation about three weeks early.
Powers now has until July 19, the date of the next district board meeting, to meet the 90-day benchmark and show that funding has been acquired.
Ken Bosar, chief operating officer for Powers Energy, said the company expects to have a letter of intent from the American oil company it is working with to become a 25 percent equity partner in the deal by July 1. READ MORE