A Monticello-based company has announced plans to build a renewable energy facility in the White County city. Waste No Energy LLC says the plant will collect hundreds of tons of manure and organic food waste every day and generate more than 8 million kilowatts of electricity each year.
July 30, 2013
Monticello, Ind. — Waste No Energy, LLC, a company owned by RAKR Farms, announces today the development of a multi-million dollar anaerobic digester facility designed to renew energy and fuel the economy. The facility is on schedule to begin generating renewable power in December 2013 and will serve as the ninth of its kind in the state.
“This is an exciting time for all of us at Waste No Energy. This technology has been utilized in Europe for decades and we are proud to bring it to Indiana,” said Doug Raderstorf, president of Waste No Energy. “Having partners, like First Financial Bank, who understood and supported our goals was key to moving the project forward. We are proud that it is becoming a reality for the area.”
In addition to producing clean, renewable energy that will be purchased by Northern Indiana Public Service Company (NIPSCO), the facility’s digester will convert a mix of manure and food waste to produce organic liquid fertilizer. As a result, the process will replace demand for chemical fertilizers that can be harmful to the environment. While operating continuously, the digestion process will require no use of fresh water or chemical additives of any kind and produce zero waste products, thereby reducing the area’s carbon footprint.
Once complete, the facility will enable the following:
– Annual production of 8.2 million kilowatts of green electricity for powering 940 Indiana households;
– Daily collection of 26 tons of manure; and
– Daily collection of 125 tons of organic food waste including expired grocery and bakery goods, restaurant waste, cheese manufacturing waste and animal proteins.
Waste No Energy’s significant capital investment is being coupled with construction funding provided by First Financial Bank. In concert with a SBA-approved loan arranged through Premier Capital Corporation, the bank will provide the long-term permanent financing. In addition, C.G. Schmidt, Inc. and U.S. Biogas, LLC are the respective general contractor and design engineering firms.
“We are extremely pleased to have the opportunity to be a part of Waste No Energy, LLC’s unique project that involves so many successful people and businesses,” said Dave Mackey, senior vice president of commercial lending for First Financial Bank. “It was very clear from our early discussions that their commitment to the project was unshakeable and that their business plan and projections were clearly defined. As a result, we were pleased to do what was needed on our end to provide the financing package they were seeking.”
“Renewable energy projects like this play an important role in the overall energy mix, and we hope it serves as a model for the continued development of other sustainable renewable projects in the future,” added Karl Stanley, vice president of commercial operations for NIPSCO.
For more information on Waste No Energy’s project, visit www.wastenoenergyllc.com.
About Waste No Energy, LLC
Waste No Energy, LLC is affiliated with RAKR Farms, which has been operating in the Monticello, Ind. area for many years. The company owns various building sites, including a hog facility, grain drying and storage facility, office, employee housing and a cattle facility. The company owns a full line of crop equipment, semis and trailers along with hog equipment.
About First Financial Bancorp
First Financial Bancorp is a Cincinnati, Ohio based bank holding company. As of June 30, 2013, the Company had $6.3 billion in assets, $4.0 billion in loans, $4.8 billion in deposits and $695 million in shareholders’ equity. The Company’s subsidiary, First Financial Bank, N.A., founded in 1863, provides banking and financial services products through its three lines of business: commercial, retail and wealth management. The commercial and retail units provide traditional banking services to business and consumer clients. First Financial Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.5 billion in assets under management as of June 30, 2013. The Company’s strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 110 banking centers. Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.
NIPSCO, with headquarters in Merrillville, Ind., is one of the seven energy distribution companies of NiSource Inc. (NYSE:NI). With more than 786,000 natural gas customers and 457,000 electric customers across the northern third of Indiana, NIPSCO is the largest natural gas distribution company, and the second largest electric distribution company, in the state. NiSource distribution companies serve 3.8 million natural gas and electric customers primarily in seven states. More
information about NIPSCO is available at www.nipsco.com.
Source: Waste No Energy LLC