On Wednesday, Municipal Review Committee mentioned that soon the recycling facility in Maine will be operational after their new partnership agreement. To restart Hampden recycling and waste-to-energy plant the municipal committee announced a new partner Innovative Resource Recovery.
The nonprofit committee that represents the solid waste interests of 115 Maine towns and cities announced a new partnership on Wednesday. Hopefully, this partnership will be helpful in restarting a waste-to-energy and recycling plant in Hampden.
As per the MRC, it is a 60-day exclusivity agreement with Innovative Resource Recovery which is a multibillion-dollar asset management firm. The Hampden plant closed in 2020 for financial reasons and MRC has been working on restarting it since then.
Now after the agreement with Innovative the firm will restart operations at the Municipal Waste Solutions plant. The Committee is composed of officials from member towns of Albino, Freedom, Palmyra, Thorndike, Unity, Troy, Vassalboro, St. Albans, Oakland and China.
The MRC bought the Hampden facility in August for $1.5 million and before this partnership, the committee entered into an exclusive arrangement with Revere Capital Partners, a New York-based firm to raise potential investment to restart the facility. Unfortunately, the agreement could not be fulfilled as Revere did not come up with the required documents.
This agreement should enable Innovative to conduct its due diligence in the partnership. According to the statement issued by MRC to the news media, there will be a negotiation over documents between both parties before an anticipated closing on 2nd June.
President of the MRC board of directors, Karen Fussell said in an announcement, â€œMRC is excited to have selected a partner to help restart the plant. Innovative’s vision for the facility aligns with that of the MRC, and they have the resources needed to restart the plant in a timely manner.â€
To restart Hampden recycling and waste-to-energy plant the municipal committee announced a new partner. After the agreement, immediate efforts will be made by Innovative towards plant upgrades and hiring staff for efficient waste processing.
The initiative is aimed at making central Maine a blueprint of how communities on the national level can recover valuable resources from their waste streams and with this contribute to the economy as a whole.
In the meantime, MRC is seeking a loan to ensure enough capital by early summer as a backup. On Thursday, 13-April-2023 the committee is hosting a virtual town hall event at 01:30 pm on which it will introduce Innovative officials and further discuss the details of the proposed partnership and the reopening schedule of the plant. They have issued a link on their official website to access the meeting.
Source: Municipal Review Committee