BioEnergy International closes $201 million financing for 100 Mgy ethanol complex in Pennsylvania

February 12, 2008

BioEnergy International closed financing for its 100 Mgy corn ethanol plant and pilot cellulosic plant, in Clearfield, Pennsylvania. The $201 million in 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.

“The corn and cellulosic pilot plants to be built in Clearfield are core to BioEnergyâ€™s mission of integrating the development of novel biocatalysts for use in innovative, state-of-the-art biorefineries,” the company said.

BioEnergy International’s strategy combines two conventional 108 Mgy corn-based ethanol plants, based in Lake Providence, LA and Clearfield County, PA; diversification into novel biocatalysts for the manufacture of green chemicals and biopolymers; and development of cellulosic technology to retrofit into existing and future plants.

The BioEnergy International research center is located in Woburn, Massachusetts, and serves as BioEnergyâ€™s strategic hub for development and commercialization of next generation biofuels, biopolymers, and specialty chemicals from renewable sources.

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Written by Jim Lane · Filed Under Producer News