BIOMASSNEWS¦
New Hampshire grants RPS credit to biomass thermal
Myriant wins $25 million USDA loan guarantee
New Hampshire is New Hampshire the first state to grant full credit to renewable RPS requirements thermal projects under 2010 7.50% a renewable portfolio 2015 13.80% standard (RPS). The 23.80% 2025 state’s RPS requires electricity providers to deliver 23.8 percent renewable electricity to customers by 2025, and grants renewable energy credits (RECs) on a four-category classification system. Under a new state law, thermal renewable is granted RECs up to $29 per megawatt-hour of usable thermal energy produced by qualifying projects. Some examples of qualifying projects include wood or wood pellet boilers heating commercial or institutional buildings. Washington, D.C., and 28 states have developed RPS programs, but only eight currently have limited thermal provisions, which are generally narrowly restricted. More states, such as Vermont, Maryland and Massachusetts, are considering expanding their RPS programs to include thermal.
Myriant Corp. closed a $25 million private bond placement in June for the construction of its flagship commercial biobased succinic acid plant in Lake Providence, La. The placement utilized the USDA’s Business and Industry Rural Development Loan Guarantee program. Myriant is the first biochemical company to receive funding through the program, which is designed to improve the economic and environmental climate in rural communities by supporting the development of high-quality local industry. According to Myriant, $15 million of the $25 million in bonds sold are guaranteed by the USDA under the B&I program. Once complete, Myriant’s facility will produce 30 million pounds of biobased succinic acid per year, and will create 40 to 50 direct highly-skilled jobs along with approximately 250 construction jobs. Succinic acid is used to manufacture a variety of products, including polymers, fibers, surfactants, detergents and flavors The Lake Providence facility is scheduled to begin operations during the first quarter of 2013. Myriant is also planning a 140 million pound capacity expansion in the U.S.
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