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Waveland Community Development Allocates New Market Tax Credits to New Biomass Energy



Waveland Community Development is pleased to announce we have allocated $16.8 million in rural New Market Tax Credits to New Biomass Energy. The financing will provide for the critically needed expansion of their torrefaction plant in Quitman, Mississippi.  Torrefaction is a process that converts forrest, sawmill and urban wood residuals and waste into torrefied wood pellets. These pellets can then be co-fired in existing coal-fired power plants to generate clean, renewable, carbon-neutral, low sulfer, energy.  Torrefied wood is globally recognized as a source of green energy with long-term carbon neutrality. 

 

Each ton of torrefied wood pellets burned at a coal plant saves approximately 2.94 tons of CO2 emissions at the power plant for each ton of coal that is replaced.  Thus the projected 150,000 tons of annual output from this Plant will reduce CO2 emissions at power plants by approximately 441,000 metric tons per year.   

 

This expansion will have numerous community benefits, including the creation of approximately 363 jobs in rural Clarke County, Mississippi.  Additionally, the plant is working with a local college, Jones County Junior College, to commit annual scholarship funds for low income Clarke County residents and will also provide an internship program designed to help foster education for green energy and employment for graduating students.

 

US Bancorp Community Development Corporation and Heartland Renaissance Fund also participated in this transaction.




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