Biofuel Developers Use Federal Funding to Move Forward

Source: EnergyBoom.com

INEOS New Planet BioEngery (INPB) announced that financing has been finalized for its Indian River BioEnergy Center biofuel refinery. The facility will be the first commercial scale waste to biofuel facility in the United States. In January 2011, INPB was granted a $75 million loan guarantee from the U.S. Department of Agriculture (USDA) to support development and construction of the BioEnergy Center. Now, eight months later, the company has secured private loans backed by the loan guarantee. With this announcement INPB says it has the funding needed to complete the project.

“We want to commend the USDA on its partnership with us in advancing this bioenergy technology and making it commercially available,” said Peter Williams, CEO of INEOS Bio and Chairman of INPB.

With the loan guarantee in hand, INPB began constructing the plant in February. The company reports that construction is 20 percent complete and is on schedule to be finished April 2012. Located in Vero Beach, Florida, the facility will convert agricultural, construction, municipal, and forestry waste into eight million gallons of advanced biofuels and six megawatts of renewable energy.

http://www.energyboom.com/biofuels/biofuel-developers-using-federal-backing-move-forward