100 Mgy corn ethanol plant in Illinois closes financing, ready to commence construction
In Illinois, One Earth Energy has closed its financing for its 100 Mgy corn ethanol plant in Gibson City. Construction will commence this month, and the plant will commence operation in July 2009.
$110 million in debt financing was provided by First National Bank of Omaha’s Renewable Fuels Group, with equity provided by Alliance Grain; Fisher Farmers Grain; Grand Prairie Co-op; Ludlow Cooperative Elevator; and Topflight Grain Cooperative.
In contrast to other states, which have seen plant cancellations and discord among local residents about the future of ethanol in their communities, Illinois is remarkable united behind ethanol.
The executive director of the Illinois Beef Association last week expressed support for the expansion of the Illinois ethanol industry, as other meat groups were targeting the elimination of ethanol subsidies as a legislative goal.
In Illinois, the City of Northbrook has been chosen as the launching pad for a statewide brand promotion of E10 and E85, mounted by the The Illinois Corn Marketing Board (ICMB), the Ethanol Promotion and Information Council (EPIC), the American Lung Association of Illinois and the Illinois Petroleum Marketers Association.
The Illinois Corn Marketing Board projects a massive increase in E85 availability after Underwriters Laboratories certifies ethanol pumps as safe, which is expected by year-end, A spokesman for the Board said that major fuel dispensers such as Wal-Mart and Kroger, are waiting on certification before expanding E85 availability.
