Greenleaf Biofuels closes full project financing

Greenleaf Biofuels has closed full project funding needed for its biodiesel plant, which it is developed in New Haven, Connecticut, US.

Sovereign Bank will provide the funds needed Greenleaf's first project, before the Connecticut Investment Corporation (CTCIC) and the SBA 504 program assume almost half of this loan when the plant comes online.

In addition to Sovereign and CTCIC, the State of CT Department of Economic and Community Development and Advantage Capital Partners/Ironwood Capital is another of the project's financial supporters.

Upon completion, the plant will feature deepwater and rail access, and will be the largest of its kind in New England, according to Greenleaf.

'We expect to create 20 full-time jobs initially at our Port of New Haven location and will add more as we expand in the future. In addition, we will be creating many temporary construction jobs over the next nine to twelve months,' says Gus Kellogg, CEO and founder of Greenleaf Biofuels.

The company expects to break ground on the plant by the end of October.