Powers Given Another Month in Quest for Trash-to-Ethanol Plant Financing
by Marc Chase (Northwest Indiana Times) Powers Energy of America remained in breach of contract with Lake County’s solid waste board but was given another month to try to prove it can finance its long proposed trash-to-ethanol plant.
The extension until the Aug. 16 meeting of the Lake County Solid Waste Management District Board is the latest in a long line of reprieves given to Powers Energy, which inked a contract with the board in 2008 to build a trash-to-ethanol facility but has yet to deliver.
In April, the district gave Powers Energy 90 days — a deadline that expired Thursday — to secure all financing or risk losing the contract. At that time, Powers Energy officials agreed to those terms after having already missed a previous 60-day deadline with the same stipulations.
However, with none of the money in hand Thursday night, Powers officials claimed they had received a letter from national firm Marathon Petroleum Co. at 10:06 a.m. that day.
Powers Energy owner Earl Powers told board members he was not prepared to provide copies or divulge the contents of the letter. But he did claim the letter indicated that Marathon was considering providing equity financing for the plant’s construction in the range of $45 million to $90 million.
Powers admitted his company was still negotiating terms of Marathon’s participation and claimed they are committed to his project. READ MORE