Range Fuels secures $80 million loan guarantee from USDA for 100 Mgy cellulosic ethanol plant

In Georgia, Range Fuels announced that it has secured an $80 million loan guarantee through the US Department of Agriculture that will assist with the financing of its 100 Mgy wood-waste gasification cellulosic ethanol plant. The plant was scheduled previously to be open in early 2009, but had been delayed in construction and will now open in 2010. Range previously had raised more than $100 million in venture capital in 2008, and obtained a $76 million grant from the Department of Energy for the plant’s construction.

The loan guarantee program was part of the 2008 Farm Bill, which authorized loan guarantees of up to $250 million for advanced biofuels projects.

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