As of Friday, July 18, 2014
© Copyright 2014
Jeff Sinyard (File Photo)
ATLANTA — Albany got some good economic news Thursday when the state Public Service Commission voted 5-0 to allow a requested 45-day extension on a $200 million Procter & Gamble-Albany/Sterling Energy Assets green energy project.
The Albany-Dougherty Payroll Development Authority and Economic Development Commission had sent letters to the PSC asking for the extension sought by P&G and Sterling to finalize a financing plan for the biomass steam energy project that would be built on the P&G-Albany campus.
The project would impact the local economy through two years worth of construction work at P&G’s 512 Liberty Expressway plant, the addition of 25 to 30 new jobs once the project is completed and ancillary business for companies that provide the materials that would be used to produce energy.
“This is really good news for Albany/Dougherty County,” Dougherty County Commission and PDA chairman Jeff Sinyard, who was in California on a “business vacation” Thursday, said. “The extension gives (P&G) a greater opportunity to keep their plant strong and keep those important jobs in our community. This is just the kind of good economic news that we need.”
P&G and Sterling Energy officials have been working for the better part of year to get the green energy project off the ground, and over the Independence Day weekend they came to a funding agreement with Constellation Energy. Constellation needed the extension granted by the PSC to put together the projected $3.7 to $3.8 million in collateral funding needed to move the project forward.
A message seeking comment from P&G-Albany’s Vince Falcione was not immediately returned.