Project expected to create up to 83 full-time jobs in Millinocket

CONTACT: BILL NORBERT

(207) 620-3540

At their March 20, 2025 meeting, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit EME Biofuels, LLC., a subsidiary of Castlerock Biofuels, LLC. The company plans to operate a renewable fuel oil facility at One North, the industrial park located at the former Great Northern Paper mill site in Millinocket. FAME also approved tax-exempt bond financing up to $160 million for the project.

EME Biofuels, LLC is planning to construct an approximately 150,000 square-foot biomass-to-biofuels facility on approximately 30 acres at the former Millinocket paper mill site. The plant will utilize forest residuals, specifically “slash,” a byproduct of commercial timber harvesting, as feedstock for the production of up to 20 million gallons annually of Fast Pyrolysis Bio-Oil (FPBO), marketed as RFO®. This renewable fuel can be used as a sustainable replacement for heating oil and as a biocrude feedstock in the production of renewable gasoline and diesel through co-processing. Once fully operational, the project is expected to create up to 83 full-time jobs at the facility. An additional 150 jobs are anticipated during the construction phase, along with approximately 92 positions in the forestry and transportation supply chains, supporting feedstock procurement and product distribution.

FAME approved the issuance of tax credit certificates related to $746,123.56 in investments through the Maine New Markets Capital Investment Program to assist EME Biofuels, LLC. The certificates authorize the issuance by the state of approximately $291,000 in tax credits through the program. FAME administers the Maine New Markets Capital Investment Program in cooperation with Maine Revenue Services. The program is designed to attract investment in economically distressed areas of the state. It allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit investment authority is set forth at $250 million, which equates to approximately $100 million of tax credits, of which after today approximately $0 in credits remain in the program.

The board also approved tax-exempt bond financing up to $160 million for the project.

FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. Such bonding, commonly referred to as “conduit bonds” due to their relatively risk-free, pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries such as manufacturing and solid waste disposal facilities.

“We are pleased to support EME Biofuels with their plans to construct the plant at the Millinocket site,” stated Renee Ouellette, Chair of the FAME Board. “The project will target the renewable heating energy market for large-scale industrial and commercial customers with carbon reduction goals.”

“We very much appreciate FAME’s support for this exciting project,” said Ryan Allen, VP of Finance for Castlerock Biofuels. “The biocrude and biofuel expected to be produced can be used as renewable fuel for heating and cooling, as well as a feedstock for co-processing in petroleum refineries in the production of renewable gasoline and diesel. The project will enable us to eventually offer discounted fuel prices with green savings benefits for our customers.”

Castlerock Biofuels, LLC is committed to becoming a national leader in renewable fuel production, with plans to develop a network of RTP facilities across the United States.  By leveraging non-food source, cellulosic biomass, Castlerock Biofuels will set the standard for low-carbon renewable fuels that support American energy independence and foster economic and environmental progress. For more information, please visit: https://www.castlerockbiofuels.com

CONTACT: Mary Dyer, (207) 620-3556 or mdyer@FAMEmaine.com

Maine has room for growth when it comes to K-12 financial education. Currently, only 15.2% of Maine high school students are required to complete a personal finance course prior to graduation. As a result, many students leave high school unable to successfully manage their money and make informed financial decisions, impacting their ability to pursue training and education after high school. To help raise awareness of the importance of teaching financial skills as early as elementary school, the Finance Authority of Maine (FAME) has launched it’s first-ever Design Your Dream Money Contest.

The contest, which was created in partnership with the Alfond Scholarship Foundation, will open on April 1^st. Students in grades one through six are invited to create their own $500 bill using a template created by FAME.

All contest submissions will receive a water bottle sticker from FAME and one student from each grade level state-wide will be selected as a grand prize winner and will receive a fun pack from FAME. In addition, each school that submits an entry will be entered into a school giveaway. The winning school will receive an Invest in ME Reads event, hosted by FAME.

The purpose of the contest is to raise awareness of the importance of lifelong financial education and to engage families and students early in the topic in elementary school. FAME offers a variety of free resources to help families take small steps to build strong money skills at home. Many of these students were born Maine residents and have already received the $500 Alfond Grant for higher education, underscoring the significance of this initiative.

“When it comes to money skills, parents and caregivers are the most important influence in a child’s life,” said Mary Dyer, FAME’s Financial Education Programs Manager. “Our goal is to make teaching about money fun and easy, and we have created a variety of programs that do just that. Through Invest in ME Reads, families will find extensive games, activities, and conversation starters to help them begin the money conversation at home. The Design Your Dream Money Contest is just another way to inspire young people to learn about money and dream about their future.”

Dyer emphasized the importance of family discussions about career pathways and education after high school, highlighting the $500 Alfond Grant as a pivotal investment in the children’s futures. “We hope to encourage conversations at home that help kids and families to dream big about their future,” she added.

In addition to the contest, FAME offers a variety of resources and events to support financial wellness in Maine:

• Invest in ME Reads: This free family financial wellness program was created by FAME to help parents and caregivers teach early financial skills. As part of the program, FAME provides free books, educational resources, activities, and tips to all Maine public school students in grades one through six to share at home with their families. Invest in ME Reads is now reaching over 84,000 elementary students across Maine. 

• Financial Check-in with FAME Seminar on April 4th: Personal Finance Foundations Part II: From Emergency Funds to Investing. You’re on a budget and have a solid emergency fund in place. What’s next? Are you ready to invest or start long-term savings for a home, education, or retirement? Perhaps you are still managing debt? Join us as we discuss intermediate steps on the road to personal financial wellness. Individuals can sign up here.

• Free Online Personal Financial Education: FAME offers free online financial education to support Maine people during high school, college, and beyond. Any Maine resident can create their own account and use the interactive modules to learn their money personality, complete a course, create budgets, and more.

• Claim Your Future®: Created by FAME, Claim Your Future encourages students to explore education after high school, future careers and money management. It includes career comparison tools, expanded student loan decision-making, and career videos. This free program is available as both a classroom game and an online resource. 

• Maine Jumpstart Fostering Financial Education in Maine Schools Conference: FAME is proud to continue its support of the Maine Jumpstart Coalition for Personal Financial Literacy will be hosting the 16^th Annual Fostering Financial Education in Maine Schools Conference on May 9^th.

Notice of Public Hearing

NOTICE OF PUBLIC HEARING AND OPPORTUNITY TO BE HEARD REGARDING A PLAN OF FINANCE FOR PROPOSED TAX‑EXEMPT BOND ISSUANCES BY THE FINANCE AUTHORITY OF MAINE TO FINANCE ELIGIBLE STUDENT LOANS.

The Finance Authority of Maine (the “Authority”) proposes to issue up to $50,000,000.00 in aggregate principal amount of its Student Loan Revenue Bonds (Supplemental Education Loan Program), in one or more series and pursuant to a plan of finance (the “Bonds”), pursuant to an Indenture of Trust dated as of May 1, 2009 (as previously supplemented and amended and as may be further supplemented and amended to authorize the issuance of the Bonds, the “Indenture”), by and between the Authority, as successor to Maine Educational Loan Authority, and ZB, National Association dba Zions Bank, as trustee, for the purpose of financing eligible student loans (“Eligible Loans”) made primarily for the benefit of: (a) Maine residents attending institutions of higher education located within or without Maine; and (b) non‑resident students attending institutions of higher education located within Maine.  Proceeds of the Bonds will additionally be used to fund reserves and pay a portion of the costs of issuing the Bonds.  Interest on the Bonds is not expected to be included in gross income for federal income tax purposes.  The Bonds are expected to be issued as one or more Series of Class A (senior) Bonds under the Indenture but may be issued in other series or classes in response to market conditions.

The Bonds are to be payable from payments on financed Eligible Loans pledged by the Authority to payment of the Bonds, a reserve fund and other moneys held and pledged under the Indenture securing the Bonds.  In addition, the Bonds are secured by a capital reserve fund which may be replenished by amounts appropriated by the State of Maine, but subject to an action appropriating the same.

Members of the Authority are expected to consider and act upon this financing proposal and related plan of finance for the Bonds at a meeting expected to be held on or about April 17, 2025.

A public hearing will be held on April 2, 2025 at 10:00 a.m., Eastern Time, in the offices of the Authority at the address below, for the purpose of hearing the views of interested members of the public in relation to authorizing this financing and the issuance of the Bonds.  Notice of this public hearing is being published pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.

Interested persons are invited to submit written comments, speak at the public hearing, or both.  Written comments must be received by the Authority no later than the time of the public hearing and may be submitted either by mailing or hand delivery to Christopher H. Roney at the address below or by hand delivery to the presiding official at the public hearing.  Persons wishing to speak at the hearing should contact the Authority at the address below.  They will be scheduled to speak for not more than 10 minutes by the presiding official for the public hearing.  Comments may also be submitted by phone to the number below.

Additional information may be obtained by contacting Christopher H. Roney at the following address, phone number or email address:

FINANCE AUTHORITY OF MAINE
Physical Address:  5 Community Drive
Augusta, Maine 04330
Mailing Address:  P.O. Box 949
Augusta, Maine 04332
(207) 623‑3263
croney@FAMEmaine.com

Applications are now being accepted for state education loan and loan repayment programs administered by the Finance Authority of Maine (FAME). 

FAME helps to create the workforce of the future by increasing the number of Maine residents with credentials of value. We do so in a variety of ways, including by providing various student financial aid resources – for current students, professionals in certain workforce areas, and new Maine residents. 

Loan Programs 

Educators for Maine is a competitive, merit-based, forgivable loan program for Maine students pursuing careers in education or child care and planning to work in Maine after graduation. 

Maine Health Professions Loan Program is a need-based, competitive loan for Maine students pursuing postgraduate medical, dental, or veterinary education. 

Maine Veterinary Medicine Loan Program is a need-based, competitive, forgivable loan for Maine veterinary students. Borrowers may have a portion of their loan forgiven for each year of eligible return service.  

Maine Dental Education Loan Program is a competitive, forgivable loan for Maine dental students planning to work in Maine after graduation. 

Loan Repayment Programs 

Maine Health Care Provider Loan Repayment Pilot Program provides loan repayment assistance to selected health care providers who commit to live and work in Maine for at least three years. 

Nursing Education Loan Repayment Program provides loan repayment assistance to selected nurse educators who commit to live and work in Maine for at least three years.  

Maine Dental Education Loan Repayment Program provides loan repayment assistance to dentists practicing in underserved areas in Maine.  

New Mainers 

Foreign Credentialing and Skills Recognition Grant Program provides small grants to assist eligible immigrants living in Maine who are not yet eligible to work in the United States prepare for entry into the workforce. 

NOTICE OF PUBLIC HEARING

Pursuant to Title 10, §1043 of the Maine Revised Statutes and 26 USCA §147(f), the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:30 AM on December 4, 2024, at 5 Community Drive, Augusta, Maine on an application for a Certificate of Approval for issuance of Revenue Obligation Securities to finance the Project described below.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY
THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT: $160,000,000

Prior to issuing a Certificate of Approval, the Authority must make certain findings, including a finding that the Project will not result in substantial detriment to existing industry. Any person or competitor may attend the hearing and will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in Title 10, §1043(2) of the Maine Revised Statutes, including public benefit and whether the Project could result in a substantial detriment to existing business. Anyone planning to attend the hearing or to make a statement at the hearing is requested to notify the Authority and to send a written summary of the proposed comments by no later than December 1, 2024, to:

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.