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Port authority issues $20M in bonds for thermal plant

YOUNGSTOWN — The Western Reserve Port Authority has given a preliminary OK to issue $20 million in bonds to help SOBE Thermal Energy Systems LLC, a Dublin-based company that operates the former Youngstown Thermal facility.

A port authority resolution is for its intent to issue the bonds, showing the board has done its due diligence review of the project for upgrades to the plant. A second resolution is necessary to proceed once bond documents are ready.

Bond proceeds will be used to pay for phased upgrades to the North Avenue facility, including new boilers and chillers in phase one.

The bonds are issued by the port authority but are not recourse to the port authority. They are payable from the facility’s mortgage, loan agreement and revenue pledge from the facility, according to the port authority’s bond counsel.

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