Coalview Ltd. LLC, a developer of fine coal recovery plants, announced Dec. 20 that it has completed $42m of project financing for its subsidiary, Coalview Centralia LLC, to construct a waste processing and fine coal recovery plant in Centralia, Wash.
The project was financed by lead investor, David Schwedel, a Florida-based energy technology investor, and Coalview Investment Partners I LLC. There is also $26.5m of Environmental Facilities Revenue Bonds issued by The Washington Economic Development Finance Authority which create no public debt and use no tax funds for repayment. There is also more than $10m of capital equipment contributions.
Project implementation of the 200 ton per hour (TPH) fine coal recovery plant began this month, and is scheduled to complete construction within 12 months.
“Our Coalview team has worked diligently to bring this project through to fruition,” stated Schwedel, Director of Coalview Ltd. “We are grateful to the State of Washington for their cooperation, and for the assistance of our entire working group”.
Coalview Centralia expects to have more than 25 full time personnel operating the plant. “Centralia has a highly qualified mining, administrative, and finance talent pool, and we are looking forward to working with local constituents to move this process forward,” stated David Henry, President, Coalview Recovery Group LLC, the management company responsible for the project.
The Coalview website shows that this coal recovery project is located at the long-shut Centralia strip mine of TransAlta. The mine had supplied coal to the nearby Centralia power plant of TransAlta, which was formerly owned by parties like PacifiCorp. But the mine was shut several years ago due to the high sulfur and low heat content of its coal, with the plant at that point switched entirely to Powder River Basin coal.