Louisiana Public Facilities Authority authorized Biomass Power Louisiana (wholly own subsidiary of Biomass Secure Power)to sell $140million in tax exempt bonds.
Biomass Secure Power Inc. (OTCMKTS:BMSPF)
CHILLIWACK, BC, CANADA, February 25, 2019 /EINPresswire.com/ — Biomass Secure Power Inc. Receives Approval to Increase Sale of Tax Exempt Bonds
Chilliwack British Columbia February 25, 2019, Biomass Secure Power Inc. (OTC Pinksheets: BMSPF). Biomass Secure Power Inc. (“BSP”) has received approval from Louisiana Public Facilities Authority to increase the sale of tax exempt bonds from $88,536,000 to $140,000,000. Louisiana Public Facilities Authority confirmed that the $28,536,200 of 2016 carry forward and the $33,166,600 of 2017 carry forward allocated to the LPFA for solid waste facilities have not been allocated to any other project and that Biomass can utilize $51,463,800 (all of the 2016 carry forward and $22,927,600 of the 2017 carry forward) for the financing approved by our Board of Trustees in December of last year. This provides sufficient financing to build phase one of the Biocoal plant to be constructed at Natchitoches Louisiana.
Wood LLC the EPC for the project has delivered a FEL 2 budget that allows BSP subsidiary Biomass Power Louisiana to plan to commence construction on July 1, 2019. Bank of America Merrill Lynch have advised that this timeline is reasonable for them to complete sale of tax exempt bonds.
The patented technology using fluid bed reactors to manufacture Biocoal in a single pass positions the Company to move forward with its plans to become a world leader in the production of Biocoal, a torrefied wood product that is a replacement product that can be used to replace coal in a number of different industries.
The Company believes that Biocoal will play an essential part in the reduction of CO2 emissions around the world as it reduces CO2 by 96% when used as replacement of coal in power plants.
Background: Governments around the world have been announcing plans to scale back or cease electrical power generation from coal. To meet the announced deadlines a number of existing plants must be converted to renewable fuels the next 5 years offering real opportunities for rapid growth. To meet this demand BSP has plans to rapidly roll out five plants by 2023, with a total production capacity of 5 million tonne per year. The modular design of the Natchitoches Plant lends itself to rapid deployment at other locations. This growth plan is being drawn up to fulfill requirements currently under discussion with several clients.
Biocoal has many advantages over white wood pellets: little or no CAPEX investment required to convert existing production assets, little stranded capital investment at the power generator, 30% more energy in each shipment reducing transportation costs. Biocoal is stabilized at the plant and can be stored outside and may be handled like coal. Biocoal avoids 95% of the CO2 emission that would be generated by the same quantity of fossil fuel. Operations at Natchitoches have a net beneficial effect on the local forest. For more information please go to our website: www.biomasssecurepower.com.
About the Company: Biomass Secure Power Inc. is incorporated in the Province of British Columbia and trades on the OTC Pinksheets under the symbol BMSPF. BSP is a development stage company that plans to build a plant in Natchitoches LA. Public filings and financial information for Biomass Secure Power Inc. can be found at www.sedar.com.
Safe Harbour Statement: This information includes certain “forward-looking statements”. The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results.
On Behalf of the Board, BIOMASS SECURE POWER INC
Jim Carroll, President – CEO
Biomass Secure Power inc.
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Source: EIN Presswire