Sherman Lumber Company


Due to his government experience helping industries convert to wood fuel in New England, shortly after joining Palmer Capital, Gordon Deane was contacted by the Sherman Lumber Company seeking assistance for its plans to utilize the estimated 500,000 tons of wood bark which it had accumulated over the years.

Maine Public Service (MPS) was willing to purchase only peak power from the contemplated 10 MW power plant. Palmer assisted Sherman Lumber in its appeal to the Maine Public Utility Commission and its subsequent negotiations with MPS for a long-term base load contract.

The result was a base load 20 MW project which was financed via a partnership with Wheelabrator which Palmer negotiated on behalf of Sherman Lumber.

LOCATION: Sherman Station, ME
DATE: 1986
TYPE: Wood-fired Power Plant
PALMER’S ROLE: Financing Finder
AMOUNT: $35,000,000