Potential buyers express interest in Coastal Resources of Maine plant

As reported by CentralMaine.com, four entities have expressed serious interest in buying and managing the Coastal Resources of Maine recycling and waste-to-energy plant in Hampden, Maine.

Michael Carroll, executive director of the Municipal Review Committee (MRC), said in a virtual board of directors meeting July 22 that encouraging progress had been made in the search for a buyer. Four entities seriously interested in the facility had signed nondisclosure agreements and two other entities reached out to the bondholders’ counsel to introduce themselves, he said.

The Coastal Resources of Maine plant has maintained a skeleton crew since temporarily closing on May 28 because of financial issues. According to committee officials, all waste at the plant was removed and disposed of and state Department of Environmental Protection (DEP) officials tour the facility every Thursday.

Carroll said potential buyers must have management on-site and agree not to raise tipping fees. He emphasized, as he has in the past, that it is important for MRC member municipalities to stay in the MRC because they are stronger together and have more negotiating leverage. Towns trying to go on their own will pay more for municipal solid waste disposal.

Board President Karen Fussell said the next virtual town-hall style meeting will be on Aug. 19 and updates will be provided. The goal of the next few weeks is to procure additional levels of commitments from those interested in the facility, she said.

“Everyone is trying to move toward the next level, assuring folks are truly interested in working with us to reopen the plant,” she said.

Fussell added that it is important that prospective buyers have proper qualifications, technical capability and economic and financial wherewithal.

George Aaronson, MRC’s technical consultant, said any delays in the process would be detrimental.

Our recommendation is to put a premium on moving fast,” he said.

Asked when the facility would reopen after a contract is signed with a new owner, Aaronson told CentralMaine.com a lot of things must be resolved between a number of parties.

“Frankly, we don’t have a firm date,” he said. “We’re hoping we can do that within a few months.”