Aries Clean Energy has successfully completed the US$65 million financial close for the Aries Linden biosolids gasification facility in New Jersey, US and construction has commenced.
The financing included US$50 million of 'Green' tax-exempt bonds issued through the Union County Improvement Authority. This facility will divert 130 000 tpy of biosolids from local landfills, and provide the lowest cost option for biosolids disposal in the New York/New Jersey Metropolitan area.
"We are pleased to reach this milestone on the Linden project," said Gregory Bafalis, Chief Executive Officer of Aries Clean Energy. "The Linden facility will be the most advanced biosolids processing facility in the world, utilising our patented fluidised bed technology. By using our environmentally friendly, renewable system, we will convert biosolids into completely renewable, beneficial products. I anticipate that Linden will receive visitors from all over the world to see this facility and how it innovatively takes a waste product and converts it into renewable energy and biochar. We are looking forward to investing in the local community and serving the region with sustainable biosolids solutions that will contribute to a cleaner, greener, healthier planet."
Equity for the project comes from Aries Clean Energy and Spring Lane Capital. "This project and Aries' gasification technology fit perfectly with Spring Lane Capital's investment approach of partnering with entrepreneurs in the energy, water, food, and waste industries to help them deploy innovative, sustainable solutions. We are thrilled to support the Aries team on this and future projects," said Nikhil Garg, General Partner at Spring Lane.
The facility will be housed in a re-purposed building within the Linden Roselle Sewerage Authority (LSRA) complex. Aries Clean Energy's build-own-operate business model provides no financial risk for LRSA. It will process 430 tpd of biosolids while producing 22 t of biochar. The biochar will be beneficially used as a substitute for fly ash in concrete. It is a closed-loop system that will require no fossil fuels during operations. Construction begins immediately, with full operations anticipated in 4Q20. 60 new construction jobs will be seen during the construction phase of the project and 14 long-term, skilled jobs to operate the plant. Construction will be led by Riggs Distler & Company Inc. and commissioning is expected in 14 months.
The patented, Aries fluidised bed gasification system is carbon negative and captures methane (with a global warming impact 23 times greater than CO2) that would otherwise be released into the atmosphere. By reducing the number of trucking miles previously used to dispose of the biosolids, greenhouse gases will also be reduced.
This facility will be located in the largest metropolitan area in the US. The New York metropolitan area includes New York City, Long Island and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey: Newark, Jersey City, Paterson, Elizabeth, Edison and their vicinities; six of the seven largest cities in Connecticut: Bridgeport, New Haven, Stamford, Waterbury, Norwalk, Danbury and their vicinities.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/31102019/aries-linden-biosolids-gasification-facility-reaches-financial-close/
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