Two companies released a report on January 9 indicating that they have agreed upon a plan that will finance a $225 million Plainfield Renewable Energy (PRE) biomass project in Plainfield, Connecticut. This project could trigger significant construction staffing.
A subsidiary of the Enova Energy Group owns the PRE project, which is expected to result in the creation of 400 jobs. Three-quarters of these jobs are expected to be created during the first two years of construction, and the other 100 positions are expected to be permanent in nature.
The purpose of the project will be to create enough energy to power 37,000 homes. The power needed to accomplish this is 37.5 megawatts. The PRE project has obtained all the permits it needs to build the facility and anticipates that the plant will be ready by December 2013.
The facility will generate power by consuming wood that will be gathered from various sources including land clearing materials, debris left by construction and demolition and recycled wood pellets.
"We are pleased to provide financing for an important renewable power generation project at a time when other traditional sources of capital are withdrawing from the market. This transaction exemplifies our ability to find creative solutions and execute quickly for the right project," David Albert, Managing Director of Carlyle's Energy Mezzanine Opportunities Group, said in the statement.
More signs that construction staffing is picking up in Connecticut are also present. Market trends have caused construction prices to drop significantly, according to Hartford Business Intelligence. This change has triggered a substantial upswing in building for those who have the needed capital.
A quarterly report recently released by a Glastonbury construction firm indicates that costs are increasing for both labor and materials, the media outlet reports. Other data provided by the industry report indicates that profits are up as well as bids on projects. The backlog for projects has also been dropping. All these signs point to more construction projects, according to the report.
The exact rate of growth is difficult to estimate, but the report indicates that the number of projects could increase by as much as 4 percent in 2012 and 2013, according to the media outlet. Both this upswing and the recently-announced PRE project could make significant contributions to construction staffing.