Great Northern Investment Financing to Improve Operations, Create New Jobs

Great Northern Paper Mill (GNP), East Millinocket, Maine, USA, has received $50 million in New Market Tax Credit financing from Enhanced Community Development, New York, N.Y., a subsidiary of enhanced Capital Partners. The financing includes $40 million in Maine New Market Capital Investment tax credits and $10 million in Federal New Market Tax credits.

This investment will be used for capital improvements at GNP that will result in up to 50 new jobs at the mill by the end of the year, plus more than 100 new indirect jobs in related industries including logging, forestry, and trucking. The plant upgrades include a conversion from oil to clean-burning natural gas, a 30% increase in annual production capacity, and a complete overhaul of the grinder room.

Other parties involved in the deal include Cate Street Capital, Stonehenge Community Development, U.S. Bancorp Community Development Corp., Vulcan Capital, and the Finance Authority of Maine.

TAPPI
http://www.tappi.org/