INEOS Bio acquires financing for new Indian River Bioenergy Center

INEOS Bio’s joint venture project closed private financing on a US$75 million loan for its new Indian River BioEnergy Center near Vero Beach, Florida. The loan is backed by a Loan Guarantee from the U.S. Department of Agriculture (USDA). This financing marks the first large scale bioenergy project in the United States to be financed under the government’s plan to commercialize biorefinery technology. The Bioenergy Center will have a production capacity of eight million gallons of advanced biofuels and six megawatts of renewable power each year. The Center will utilize local yard, vegetable and household wastes in the production of biofuel. “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. “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 green house gas emissions and diverting wastes from landfill and lower value uses,” Williams said. The new plant is expected to be completed in 2012.(August 18, 2011)