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Kentucky Regulators Want Financial Assurances for Mill
By: Associated Press
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LEXINGTON, Ky. (AP) – Kentucky regulators are requiring written financial assurances for a proposed aluminum mill in Greenup County, Kentucky.
The requirement is part of regulators’ conditional approval of a $22.4 million Kentucky Power project to build power lines to the site.
The Public Service Commission wants written assurances from Braidy Industries that it has the money to complete the project. Company officials told investors in September they need an additional $400 million to $500 million to complete construction.
PSC spokesman Andrew Melnykovych told the newspaper the order should not be construed as an indication the project is in financial trouble. Braidy’s executive vice president, Jaunique Sealey, said the order is part of the ordinary course of business to upgrade power delivery to the site.
The state legislature approved a $15 million investment in Braidy Industries in 2017.