On June 30, 2023, the Municipal Review Committee, Inc. (MRC), comprised of 83 members representing 115 Maine municipalities, and Innovative Resource Recovery (Innovative), a pioneering materials management company backed by private equity, announced the signing of landmark agreements to become co-owners of the Advanced Waste Processing and Recycling Facility in Hampden, Maine. This collaboration marks a significant step forward in advancing sustainable waste management practices and promoting a circular economy in Maine. The Hampden plant has long been recognized as a crucial hub for effective waste processing and recycling in the region. By bringing together the expertise and resources of MRC and Innovative, this partnership aims to enhance operational efficiencies, expand recycling capabilities, and further reduce the environmental impact of municipal solid waste.
The Facility had accepted mixed MSW for processing from MRC members from its start-up in 2019 through May 27, 2020, the start of the pandemic period, when operations were suspended due to lack of cash. In response, the trustee for the Facility’s lenders had the Facility placed in receivership through a filing in Penobscot County Superior Court. The MRC, assisted by CommonWealth Resource Management Corporation (CRMC), worked with the trustee and the receiver to secure the condition of the Facility; to purchase the facility out of receivership; and to identify a private party (Innovative) to implement and finance redevelopment and return to commercial operation. CRMC supported negotiation of detailed terms and conditions of the sale and redevelopment agreements and of satisfaction of conditions for closure of financing to support the sale. The Facility is projected to resume processing in the summer of 2025 and return to full commercial operation in 2026.
For more details, contact George Aronson, CRMC, at garonson@crmcx.com.