CDE: Midwest Renewable Capital
The 2013 award for Non-Metro QLICI of the Year goes to Midwest Renewable Capital for helping Fiberight LLC finance the construction of a clean technology facility in rural Lawrenceville, Va. In 2012, Midwest Renewable Capital provided more than $12.6 million in new markets tax credits for Fiberight to complete the final stages of equipment purchase and installation at a renewable biofuel facility. The property also received more than $4.1 million in NMTC investor equity from U.S. Bancorp CDC, as well as an additional $9.4 million in angel investor equity from a Fiberight affiliate. With the help of patient, low cost capital made possible through new markets tax credit financing, Fiberight was able to launch its Lawrenceville facility in the fall of 2012.
The Fiberight facility has streamlined a clean and effective process to turn unrecyclable waste into a clean energy alternative. This waste to fuel facility has had an enormously positive impact on the community of Lawrenceville. By bringing Fiberight’s technology to commercial scale, the development has created 31 jobs in a community of 1,400 people, as well as 20 jobs during the construction process. To engage further with the community, Fiberight and Midwest Renewable Capital have partnered with St. Paul’s College to provide job and research training. Using returns generated from the NMTC investment, Fiberight and Midwest Renewable Capital established a scholarship to fund minority and low-income students pursuing technical careers at Southside Virginia Community College.
The Fiberight facility also provides creative solutions for current environmental challenges. Fiberight’s innovative method of transforming waste into advanced biofuels expands the production of clean, domestic biofuels to reduce our nation’s oil dependency. In addition, the trash collected for use at the Fiberight plant has eliminated thousands of pounds of waste, while reducing landfill capacity and costs. By extending the life of local landfills, Fiberight creates estimated annual savings of $300,000 for the communities. Additionally, Fiberight reduces by 40 percent or more landfill methane production, which is more harmful as a greenhouse gas than carbon dioxide.
Congratulations to Fiberight and Midwest Renewable Capital for providing cutting-edge, clean technology to transform the municipal waste industry and solve a growing environmental problem.