Vision Fuels Des Moines asks for extension of financing deadline as capital for corn ethanol continues to dry up

Vision Fuels Des Moines has asked for an extension to complete $210 million in project financing for their 100 Mgy facility. The owners cited difficult financing conditions which have led projects such as Akron Riverview Corn Processors to suspend their financing efforts for the 100 Mgy Akron, IA project.

Capital sources for ethanol projects have been increasingly difficult to find over the past 12 months, with several projects in the US on hold, including a switchgrass project in Minnesota. Brazilian projects are also looking offshore for investment, and Asian biodiesel projects have stalled as a result of a credit crunch and high producer prices.

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