Enhanced Capital Helps Provide $50 Million in New Market Tax Credit Financing to Great Northern Paper Investment Will Create Up to 50 New Jobs and Improve Operations
NEW YORK, Jan. 28, 2013 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital Partners ("Enhanced Capital"), announced today it recently participated in providing $50 million in New Market Tax Credit financing to the Great Northern Paper Mill ("GNP") in East Millinocket, Maine, which includes $40 million in Maine New Market Capital Investment tax credits and $10 million in Federal New Market Tax Credits.
This investment will be used for capital improvements at GNP which will result in up to 50 new jobs at the mill by the end of the year, plus more than 100 new indirect jobs in related industries including logging, forestry, and trucking. The plant upgrades include a conversion from oil to clean-burning natural gas, a 30% increase in annual production capacity, and a complete overhaul of the grinder room.
"This is the first project ever to use the Maine New Market Capital Investment program, so it's really a shining example of other great things to come in the state of Maine," said Richard Montgomery, Managing Director at Enhanced Capital. "The local job creation will have a substantial impact in this community."
Other parties involved in the deal include Cate Street Capital, Stonehenge Community Development, US Bancorp Community Development Corporation, Vulcan Capital and the Finance Authority of Maine.
About Enhanced Capital
Enhanced Capital Partners, Inc., headquartered in New York City, is a diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital has raised more than $600 million through a variety of state and federal public-private investment programs. For more information, visit www.enhancedcapital.com.
This is intended for marketplace communication purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
Marissa Wolf on behalf of Enhanced Capital
SOURCE Enhanced Capital Partners