Sale, $100M 'clean coal' project proposed for Two Elk site
A developer says it will buy North American Power Group’s Two Elk property in southern Campbell County. Wyoming New Power has also requested $100 million in industrial development revenue bonding for a clean-coal processing plant at the site.
The property is owned by Two Elk developer Michael J. Ruffatto, who pleaded guilty to criminal fraud in October 2016. Federal prosecutors said Ruffatto falsely billed millions of dollars to a Department of Energy stimulus grant for testing the viability of carbon sequestration at the Two Elk site. Ruffatto won a fifth sentencing delay in October to raise money for a large cash settlement with the government.
Black Diamond Holdings managing director Patrick Imeson spoke to Campbell County commissioners Tuesday morning. The Denver-based private equity firm owns an interest in Wyoming New Power, which would use a coal-drying and liquefaction process now under development at a testing facility in Oklahoma to remove moisture and increase the heating value of waste coal from nearby Powder River Basin mines. Wyoming New Power will market the refined coal as clean energy.
Waste coal doesn’t meet utility customer quality specifications. Mines are typically permitted to rebury the unused, unmarketable waste coal.
Read more: http://www.wyofile.com/sale-100m-clean-coal-project-proposed-two-elk-site/
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