Baard Energy / Coal

Baard Energy asks State for $4.8 billion in financing for proposed coal refinery

COLUMBUS — On February 12, 2010, Baard Energy applied to the Ohio Air Quality Development Authority (OAQDA) for $4.8 billion in financing for its proposed coal refinery in Wellsville, according to documents obtained yesterday by Ohio Citizen Action.

On December 12, 2006, the Ohio Air Quality Development Authority had approved an Inducement Resolution agreeing to issue bonds to assist in the financing of the Baard coal refinery. According to the Authority, “An Inducement Resolution is a possible first step in the process of issuing an OAQDA bond and would require an additional Bond Resolution for the bond to actually be issued.” The Inducement Resolution was good for three years, expiring on January 1, 2010. When that date came, Baard had not requested such a bond resolution. According to the documents received yesterday, “Due to the fact that the original inducement had expired [the Authority] informed the project it would be necessary to make a new application.”

Paul Ryder, Organizing Director, Ohio Citizen Action

Tags: