AIDEA board weighs up to $75 million for new fiber company and Ketchikan Shipyard match

The Alaska Industrial Development and Export Authority board plans to vote Wednesday on creating Northstar Fiber Development LLC, a wholly owned subsidiary that could receive up to $75 million for subsea and terrestrial fiber infrastructure.

Under the resolution, the money would move in stages from AIDEA's Revolving Fund. The company could use it for direct investments and joint ventures.

The board also votes on about $32 million in AIDEA matching money for six federal funding applications for its Ketchikan Shipyard. The applications, to the EDA, USDOT BUILD and USDA RISE programs, total about $73.8 million in project costs and $41.9 million in federal requests. AIDEA's share would rise to about $35.9 million if EDA sets a 60 percent rate on the first phase of the Drydock #3 berth project.

In closed executive session the same day, the board plans to discuss nine matters, according to the meeting agenda. They include the Interior Gas Utility, the Alyeschem Methanol Plant, Knikatnu Inc., Digital Geochemistry, GEOAlaska, subsea and terrestrial fiber, shipyard discussions, real estate and AIDEA finances.

The board authorized up to $70 million in financing for the Alyeschem plant in May 2024, according to an AIDEA release. The Prudhoe Bay plant broke ground May 15 and is expected to come online in late 2027.

The meeting starts at 9 am and is also available online. Written comments are due by 4 pm Tuesday, Oct. 20.