Pace Carbon Fuels developed four synfuel production facilities on a build-own-operate basis. The facilities, which began commercial operations in May 1998, utilize a patented technology to convert coal and coal by-products into solid synthetic fuel for power generation and steel production. With the expiration of federal energy tax credits to support synfuel production, Pace Carbon Fuels has begun the process of decommissioning the plants and exiting the sites in an orderly fashion.
Facility Locations
- Wise County, Virginia
- Chesterfield County, Virginia
- Kanawha County, West Virginia
- Grant County, West Virginia
Pace Carbon Fuels, LLC - implemented the project development program.
- Required an accelerated project schedule to meet placed in-service deadline to qualify for federal energy tax credits.
- Received one of the first Private Letter Rulings from the Internal Revenue Service related to synthetic fuel facilities.
- Managed subcontractors in the completion of design, engineering and construction activities.
- Licensed patented fuel production technology.
- Finalized all land procurement, site planning and project permitting in less than ten months.
- Arranged bridge loan to fund downpayments on major equipment and to commence construction.
- Obtained permanent financing from tax equity investors representing major energy companies and large financial institutions.
|
Pace Carbon Fuels Investors, L.P. - investment partnership formed to own the facilities.
- Total investment in excess of $1,000,000,000.
- Investors represent major energy companies and large financial institutions.
Pace Carbon Synfuels Management, LLC - asset manager responsible for the daily operations of the synfuel facilities.
- 51,000,000 tons of synfuel produced over the life of the projects.
- Synfuel sold to utility companies and major steel producers.
- Arranged daily transportation and delivery of feedstocks and finished fuel product.
- Administered multiple feedstock contracts and fuel sales arrangements.
- Managed O&M contractor to ensure compliance with all health, safety and environmental requirements.
|
|
