Cellulosic ethanol loan in Range
Cellulosic ethanol producer Range Fuels has received a loan note guarantee from the U.S. Department of Agriculture (USDA) and closed its related $80 million (€58.8 million) bond issuance.
The proceeds from the $80 million bond will be used to partially finance the first two phases of construction of Range Fuels' first commercial cellulosic biofuels plant using renewable and sustainable supplies of non-food biomass near Soperton, Georgia, US.
The first phase is scheduled to be mechanically complete this month, with production scheduled to commence in the second quarter of this year.
‘The collaborative effort between Range Fuels, the USDA and AgSouth Farm Credit, and also Silicon Valley Bank and Morgan Keegan, to execute the first-ever loan note guarantee under the Agency's Section 9003 Biorefinery Assistance Program will contribute to the successful completion and operation of the first phase of our Soperton Plant and expansion of the facility,’ David Aldous, Range Fuel' CEO, says.
The proceeds from the $80 million bond will be used to partially finance the first two phases of construction of Range Fuels' first commercial cellulosic biofuels plant using renewable and sustainable supplies of non-food biomass near Soperton, Georgia, US.
The first phase is scheduled to be mechanically complete this month, with production scheduled to commence in the second quarter of this year.
‘The collaborative effort between Range Fuels, the USDA and AgSouth Farm Credit, and also Silicon Valley Bank and Morgan Keegan, to execute the first-ever loan note guarantee under the Agency's Section 9003 Biorefinery Assistance Program will contribute to the successful completion and operation of the first phase of our Soperton Plant and expansion of the facility,’ David Aldous, Range Fuel' CEO, says.
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