Green Energy Renewable Solutions Inc. announced Thursday it has decided to step back from the proposed $100 million landfill and renewable energy project it planned to build in Yabucoa, along Puerto Rico’s southeastern flank, due to lack of funding.
The company said it had received commitments for funding that were expected to close in 2012 for this project, but because they fell short in coming through and Green
Energy was unsuccessful in securing alternative funding in a timely manner, it decided to “table pursuit of this venture for the time being.”
“We’re very disappointed that what we thought were solid funding commitments were not consummated. This left us in a very difficult position as we had already made material commitments to other projects,” said Joseph DuRant, CEO of Green Energy.”
In August 2012, this media outlet reported that Green Energy announced it has entered into a “Letter of Intent” to form a joint venture with Landfill Solutions, LLC of Puerto Rico, to remediate and manage the Yabucoa municipal landfill that has been closed since 2011.
Had it been completed, the project would have had a projected capacity to process at least 1,000 tons of waste per day. It will have also been the second large-scale green energy project targeting the town mostly known for its agriculture activity.
“We feel it is the best decision to table the Puerto Rico project for the present time, and we will focus our efforts on developing our other projects which have a higher probability of success with a shorter timeline to activate,” he said.
Plans also called for building a recycling facility and waste-to-energy conversion plant that would have produced an estimated 200 tons per day of recycle materials (recovered metals, plastics, quality paper and cardboard that can be reused for new product manufacturing), 350 barrels of sweet crude oil equivalent and up to 15 Megawatts of electrical power output.
“We hope to revisit opportunities in the Puerto Rico market in the future and continue to believe this area has great potential,” said DuRant. “We’re working diligently to bring a number of exciting projects online in the coming months and are confident that our business model will bring success to our company.”