Columbia Pulp has raised capital to finance a 290,000-square-foot mill to convert straw and other agricultural waste into paper and other products.
The mill is expected to prevent 18,000 tons of greenhouse gases and particulate matter emissions annually, and create more than 80 jobs in Washington state’s rural Columbia County, which lost jobs when a canning factory shut down in 2005.
The next-generation pulp mill could be “a transformative regional and national supplier of sustainable, tree-free pulp and unique co-products for years to come,” Columbia Pulp’s Michele McCarthy said in a statement.
The Washington Economic Development Finance Authority provided $133.6 million in debt while CEI Capital Management arranged $20 million in tax-credit financing.
Wells Fargo Community Investment Holdings and CP Leverage Lender also backed the project.