Loring energy project receives visit from new president of LBE partner

    At the Board of Trustees meeting last Wednesday, the Loring Development Authority discussed a recent visit by Robert Belk, the newly-appointed president and CEO of Shaw Capital.     Shaw Capital is partnered with other companies in Loring BioEnergy, LLC (LBE). LBE and its affiliates have a long-standing interest in developing natural gas, electricity generation and transmission opportunities at Loring Commerce Centre and along the 200-mile Searsport to Loring pipeline corridor. Considerable effort and resources have been expended by BLE to date to develop these opportunities.
    During his visit, Belk met with existing and potential partners in LBE to discuss progress, plans and strategic vision for the various projects. He also met with representatives of the Maine Department of Environmental Protection and Northern Maine Development Commission. LBE has been conducting technical, economic and environmental feasibility studies for the use of the Searsport — Loring pipeline for natural gas transmission allowing it to supply wholesale natural gas customers between Searsport and Limestone and to fuel a cogeneration plant at Loring. Other projects are also being explored.
    Carl Flora, president and CEO of the LDA told the Board of Trustees that “Mr. Belk’s personal visit is a clear indication that Shaw Capital is interested in opportunities involving energy here in Maine.”
    Hayes Gahagan of Gahagan and Associates (another LBE partner) said “we’re very pleased to have Bob Belk as the new CEO of Shaw Capital; he’s a high-level experienced professional in the world energy business. With his long-term experience at Shaw, Bob will provide high profile access and attention to help the Loring projects to achieve our energy objectives at Loring and along the Searsport-Loring pipeline corridor, helping to create many jobs and supporting the state’s economy is the process.”
    From his office in Baton Rouge, La., Belk said, “As Shaw Capital’s new CEO, I wanted to become personally familiar with our advanced development stage projects. While I still have many details to review, so far I am pleased with the work that has been accomplished to date. I’m also very impressed with the support we’re receiving form state and local economic development officials. In addition, the Maine Department of Environmental Protection has been clear about all permitting requirements, which is also very helpful.”
    Important project milestones that have been achieved to date include testing and confirming the integrity of the Searsport-Loring pipeline, acquiring certain environmental permits, securing a TIF from the town of Limestone, and a federal Empowerment Zone allocation for tax-exempt treatment of financing.
    The Loring Development Authority board members have long been aware of the challengers of attracting business giving the low electricity cost enjoyed in some areas of the country such as the Northwestern states. The LDA’s chair, Kay Rand, noted, “In this economy, we all need to be focused on U.S. jobs and lowering the cost of energy for U.S. businesses and consumers. We can achieve these objectives with a team effort.”
    Shaw Capital is a wholly-owned subsidiary of The Shaw Group, Inc., a Fortune 500 company with 2009 revenues of $7.3 billion, which is based in Baton Rouge.