FAME Approves Financing for Ashland Sawmill

At their April 30, 2026 meeting, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to assist with the planned expansion of a sawmill in Ashland. The project is expected to make a significant positive economic impact on the Aroostook and Maine economies.

The funds will be used by Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, as part of an overall multimillion-dollar project to modernize and expand its Ashland sawmill in Nashville Plantation. The investment will double the facility's annual lumber production capacity from 130 million to 250 million board feet while strengthening its role as a leading manufacturer of dimensional lumber. The sawmill currently supports the equivalent of 140 full-time positions and will grow to the equivalent of approximately 220 full-time jobs upon completion of the project.

The board approved the issuance of tax credit certificates related to five separate investments totaling approximately $42 million by various Community Development Entities (CDEs) through the Maine New Markets Capital Investment Program. These include: CCM Community Development 90 LLC ($5 million investment); MHIC NE CDE II Subsidiary 80 LLC ($10,416,666.66 investment); 15 ENRV 2008 LLC ($6,165,000 investment); Stonehenge Community Development 181, LLC ($10,416,666.66 investment); and CCG Sub-CDE 84, LLC ($10,416,666.66 investment). A total of up to $16,541,850 in overall tax credits will be available as a result of these investments.

"We are pleased to support Irving Forest Product's plans to expand the Ashland mill," stated Renee Ouellette, chair of the FAME Board. "With the planned expansion, the Ashland mill is expected to remain a top employer and economic engine in Aroostook County."

"We deeply appreciate FAME's support for this important project," stated Jerome Pelletier of Irving Forest Products, Inc. "This investment reflects the hard work of our team and our long-term commitment to the region. It will help us support good jobs and continue contributing to the Aroostook community."

"As the proud granddaughter of Ashland potato farmers, I know firsthand that investing in Maine's heritage industries is essential to the strength of the County and the future of our entire state," said Governor Janet Mills. "This investment will double the annual production capacity of the Ashland sawmill, strengthening its role as a leading manufacturer of dimensional lumber, and bring dozens of good-paying jobs to the County. I thank Irving Forest Products for its continued investments in Maine and applaud FAME for approving this financing."

Commissioner Mike Duguay from the Maine Department of Economic and Community Development stated: "This investment represents exactly the kind of commitment we want to see in Maine's forest products industry. When a company chooses to nearly double the capacity of a lumbermill right here in our region, it sends a powerful signal - that our heritage industries are not relics of the past, but pillars of our economic future. The forest products sector has defined this community for generations, and investments like this one protect and grow the good-paying jobs that families in this area depend on. We are deeply grateful for this company's confidence in Maine's workers and in the long-term strength of our working forests."

FAME administers the Maine New Markets Capital Investment Program in cooperation with Maine Revenue Services. The program stimulates economic growth and community development in low-income areas of Maine by attracting private investment through tax incentives. A new round of funding was approved during the First Session of the 132^nd Maine Legislature via Public Law 2025, ch. 497, An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program. Up to $250 million of qualified equity investments is available for allocation to eligible Community Development Entities (CDEs) through this program, but credits may not exceed $20 million in any given year over the seven years of the tax credit allowance dates. The program allows eligible investors to claim tax credits against state taxes in amounts up to thirty-nine percent of a project's total cost.