Ineos New Planet BioEnergy closes latest round of financing

In the US, Ineos New Planet BioEnergy has finalised $75 million (€52 million) in private financing, utilising funds awarded by the US Department of Agriculture's (USDA) loan guarantee programme for its new BioEnergy Center.

The financing will be used to complete the project, including equipment, engineering and construction.

The BioEnergy Center is located near Vero Beach, Florida. Upon completion, it will convert a variety of biomass feedstocks into 8 million gallons a year of ethanol and 6MW of renewable power. This is enough to supply electricity to around 1,400 households.

Peter Williams, CEO of Ineos Bio and chairman of Ineos New Planet BioEnergy, says: 'The Vero Beach BioEnergy Center is the first of its kind in the world and provides a template for a technology that can make a real contribution to energy independence and job creation, while also reducing greenhouse gas emissions and diverting wastes from landfill and lower value uses.'

Construction is already underway at the site, with around 20% of the project already complete. Work at the site is slated to finish by the end of April 2012. The BioEnergy Center will create 380 direct and indirect jobs when it comes online, in addition to 50 fulltime positions.

Ineos New Planet BioEnergy is a joint venture between Ineos Bio and New Planet Energy.