Ultrasystems Completes Funding for Power Plants

Ultrasystems Inc. said Irving Trust Co. of New York has agreed to provide $77 million in financing for two 27-megawatt waste wood-fired power plants in Maine.

The owners of the plants had agreed earlier to provide $35 million in financing and Irving Trust’s agreement will complete financing for the projects, which will cost $46 million each.

Completion of the plants is expected by year-end, and together they are expected to produce enough electricity for 50,000 homes. Each plant will consume about 270,000 tons of waste wood a year, Ultrasystems said. The two power plants represent the sixth and seventh major third-party financed projects that have been developed by Ultrasystems over the past four years.

In addition to developing alternative energy projects, Irvine-based Ultrasystems has interests in military and space systems activities.