Kingfish has not submitted final financial capacity documentation according to Maine’s Department of Environmental Protection
(Jonesport, Maine) – Protect Downeast will be appealing the November 29, 2022 Jonesport planning board vote, to allow the Kingfish Maine industrial scale aquafarm project to move forward. Attorney Elizabeth Boepple said, “We have to appeal this decision for numerous reasons including Kingfish’s failure to meet several of the land use standards that are there to protect Chandler Bay and surrounding waters.”
The day after the planning board gave the green light, an article appeared in Bangor Daily News stating Kingfish doesn’t have the money to start the project immediately. “… the company needs to raise more money and deal with ongoing appeals before construction begins.“
Read the full article here.
In addition, Protect Downeast confirmed with the ME Department of Environmental Protection (“DEP”) that as of December 12, 2022, Kingfish has not yet filed proof that it has the financial resources to build this project.
According to the DEP permit on file:
“Prior to the start of any construction, the applicant must submit evidence that it has been granted a line of credit or a loan by a financial institution authorized to do business in this State or evidence of any other form of financial assurance consistent with Department Rules, Chapter 373, § 1, in the amount of $4.5 million to the Department for review and approval. Additionally, prior to the start of any construction, the applicant shall provide financial assurance for site stabilization/restoration in the amount of $350,000 in the form of (i) a performance bond, (ii) a surety bond, (iii) an irrevocable letter of credit, (iv) escrow account, or other acceptable form of financial assurance to the Department for review and approval. Prior to the start of any construction beyond the work listed above, the applicant must submit evidence that it has been granted a line of credit or a loan by a financial institution authorized to do business in this State or evidence of any other form of financial assurance consistent with Department Rules, Chapter 373, § 1 in the amount of $105.5 million, to the Department for review and approval. Upon receiving Department approval for this portion of the financial assurance, the $350,000 in site stabilization/restoration funds may be canceled or released to the applicant.”
Attorney Boepple, “We have no idea why Kingfish hasn’t lined up the financial resources it needs to break ground. We don’t know if this is a contributing factor, but the CEO did step down from his position at the helm and Kingfish’s stock has fluctuated considerably this year. Maybe investors are getting nervous. Who knows? That’s a question for Kingfish. Our eyes are focused on the next set of appeals and the one after that.”
In the meantime, until all appeals are resolved, the local permits are not final, and no construction can begin.
Contact:
Crystal Canney
The Knight Canney Group
207 615 5968