150 Mgy Patriot corn ethanol plant to open in summer in Illinois

May 19, 2008

In Illinois, Patriot Renewable Fuels is scheduled to open this summer and is now accepting bids for corn shipment, with first deliveries in July. The 150 Mgy plant will require up to 150,000 bushels of corn per day.

Earlier this month, the ethanol outlook in Illinois brightened when Central Illinois Energy was renamed Riverland Biofuels and became eligible for an additional $1.6 million in support from the state of Illinois. The state originally awarded a $4.5 million grant, but suspended disbursement and initiated an investigation into spending of the grant money after Central Illinois filed for bankruptcy. At the time, $2.9 of the original grant had been disbursed.

The sale of Central Illinois Energy to Credit Suisse closed last month after a federal bankruptcy judge approved the sale. Credit Suisse and the Central Illinois Energy Cooperative had invested more than $90 million in the 37 Mgy plant since 2001, which requires up to $30 million more to complete construction. Central Illinois Energy Cooperative shareholders will lose all their money in the deal, which was opposed by Lurgi, the main contractor. Credit Suisse will pay $80 million in total for the project in the sale.

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Written by Jim Lane · Filed Under Producer News, The Daily Biofuel Summary