SCHNEIDER | A group of contractors planning to build a proposed trash-to-ethanol plant in Schneider announced Monday it has reached an agreement to purchase assets from developer Powers Energy of America.
The group, SMC LLC, signed an agreement with Powers Energy to purchase "certain assets relating to the development and construction" of the plant, according to a news release SMC issued Tuesday.
SMC representatives said they plan to continue moving forward with the project and will continue to discuss the finalization of private financing for the plant's construction.
Powers Energy has faced criticism for failing to meet deadlines set by the Lake County Solid Waste Management District Board to secure all financing for the proposed $300 million plant.
The board last month agreed to extend Powers Energy's deadline to Thursday after representatives said they were working on securing financing from Marathon Petroleum Corp.
The extension was the latest in a long line of reprieves given to Powers Energy, which inked a contract with the board in 2008 to build a trash-to-ethanol facility but has yet to deliver.
Powers Energy representatives said after the board's July meeting that they would try to arrange for a Marathon representative to be present at the board's meeting Thursday.
SMC representatives said in the statement that they also plan to address the board Thursday.