Print This Page

United States

Maine—Stored Solar’s Kathadin Shrimp Farm Gets $500,000

 

On November 7, 2017, Stored Solar, a wood-fired power plant in West Enfield, received a $500,000 loan from the Maine Rural Development Authority (MRDA) to build a shrimp farm on its property.

 

Board members voted 6-0 to approve the loan to Kathadin Shrimp Farm LLC, which is solely owned by Stored Solar West Enfield, LLC.

 

The approval came with conditions, which include a receipt of the management agreement with the shrimp farm operator and cash and capital investments from Stored Solar.  The specific amounts are confidential, according to MRDA’s Doug Ray, but the equity requirement far exceeds the $500,000 loan amount, he said!

 

The loan request had come under fire earlier this fall because Stored Solar had been accused of owing hundreds of thousands of dollars to loggers and being delinquent on tax payment in Jonesboro, where it owns a another wood-burning power plant.  But in an interview last month with the Press Herald (below), Stored Solar’s owners said they had invested $17 million of their own money to restart the plants and pay debts.

 

Stored Solar’s wood-fired power plant in West Enfield is in full operation, and it has reached an agreement with Eco-Shrimp Garden of Newburgh, New York, to build a shrimp farm next to the plant in 2018.  Production is planned for 55,000 pounds of shrimp per year.

 

The five-year loan to Stored Solar carries a four percent interest rate and would be secured by real estate and other business assets, as well as a guarantee from a related company, Capergy US LLC.  Capergy’s chief executive, Fahim Samaha, is a partner in Stored Solar and is listed on the Maine Rural Development Authority loan as a principal in Katahdin Shrimp Farm.  He also is the husband of Kimberly Samaha, the CEO at Synthesis Venture Fund Partners, which bought Stored Solar’s two plants in 2017.

 

Information: Jean Claude Frajmund, Eco Shrimp Garden, 99 S William Street, Newburgh, New York 12550, USA (Phone 1-845-561-2048, Email contact@ecoshrimpgarden.com, Webpage https://www.ecoshrimpgarden.com).

 

Information: Kimberly Samaha, Synthesis Venture Fund Partners, 254 Commercial Street, Portland, Maine 04101, USA (Email info@synthesis-vfp.com, Webpage http://www.synthesis-vfp.com).

 

Information: Bill Harrington, Vice President, Stored Solar, 62 Whitneyville Road, Machias, Maine 04654, USA (Phone 1-219-712-4764, Email contact@thestoredsolar.com, Webpage http://www.thestoredsolar.com).

 

Source: PressHerald.com.  Biomass Plant Owner Gets Loan Approval for Shrimp Farm in West Enfield.  Tux Turkel (Email tturkel@pressherald.com).  November 7, 2017.

Print This Page