The project involved the financing for construction of a new wood pellet manufacturing facility. CEI Capital Management LLC was just one contributor of NMTC to the Aliceville, Ala. wood pellet manufacturing facility. Westervelt Company received $55.5 million in NMTC from WNC and Associates, Wells Fargo Bank N. A., Rural Development Partners and CEI. Wood pellets burn with a carbon footprint significantly less than that produced by burning coal, making it a sought-after renewable energy source.
Development of the $71-million facility creates 800 temporary construction jobs and 275 permanent jobs in an area that has a local poverty rate of 27 percent. Once completed, the facility generated more than $37 million annually in revenue from the sale of wood pellets and is projected to increase business for local timber and trucking companies. As part of a community benefits agreement, Westervelt Company reinvested $110,000 into the community for services such as employment training programs. The facility was completed in 2013.