BioEnergy Closes Financing for Pennsylvania Ethanol Plant
Submitted by DTN Ethanol Center
OAKHURST, N.J. (DTN) –- BioEnergy International, LLC, said in a news release that it has closed $201 million in financing for the Bionol Clearfield, LLC 100-million-gallon-per-year corn ethanol production plant beginning construction in Clearfield, Pa.
“With the launch of the Clearfield Project, we have created a model of sustainability with partners Getty Petroleum Marketing Inc. and the Commonwealth of Pennsylvania,” said Stephen J. Gatto, chairman and CEO of BioEnergy. “Near the birthplace of the modern petroleum refinery industry, this destination ethanol plant and our cellulosic pilot, will help usher in the next industrial revolution of biorefineries, that will provide Pennsylvanians with homegrown fuels first from corn, then renewable cellulosic feedstocks such as wood chips and biomass.”
The debt financing was provided by TD Banknorth and WestLB, with tax exempt bond financing by Sterns Brothers. Equity funding was provided by BioEnergy and its investors Plainfield Asset Management, Camulos Capital, Itera Ethanol, LLC, Context Capital Management and NGP Capital Resources.
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