USDA guarantees Louisiana biofuels plant
October 03, 2014 | 05:49 PM
Agriculture Secretary Tom Vilsack today announced a $91 million loan guarantee to help finance an advanced biofuel plant in Rapides Parish, Louisiana.
“This partnership is the latest example of the Obama administration’s continuing support for innovative, home-grown energy sources,” Vilsack said.
“USDA’s support for renewable energy projects like this helps create jobs in rural areas, promotes U.S. energy independence, and leads to further expansion of the growing and increasingly significant bioeconomy,” Vilsack said.
“USDA has reached an agreement with Silicon Valley Bank to provide a $91 million Biorefinery Assistance Program loan guarantee to Cool Planet to help the company finish construction on a biofuel plant at the Port of Alexandria in Louisiana," he said.
Cool Planet also has attracted private investments from companies including Google Ventures, BP, ConocoPhillips, GE, Exelon and NRG Energy. Cool Planet will be contributing $50 million in equity to the project, USDA noted.
The Cool Planet facilities will produce approximately 8 million to 10 million gallons of reformate per year at full capacity, USDA noted.
Often referred to as a “drop-in” fuel, reformate is an ingredient in gasoline and jet fuel that can be added during the regular refinery process, the department noted. Pine chips will be the feedstock source for the Cool Planet facility, but the company can use almost any type of renewable cellulosic material.
Cool Planet’s facility will produce biochar, a bioenergy byproduct that has been noted for its ability to sequester carbon and potentially reduce atmospheric greenhouse gas levels, USDA added.
“This partnership is the latest example of the Obama administration’s continuing support for innovative, home-grown energy sources,” Vilsack said.
“USDA’s support for renewable energy projects like this helps create jobs in rural areas, promotes U.S. energy independence, and leads to further expansion of the growing and increasingly significant bioeconomy,” Vilsack said.
“USDA has reached an agreement with Silicon Valley Bank to provide a $91 million Biorefinery Assistance Program loan guarantee to Cool Planet to help the company finish construction on a biofuel plant at the Port of Alexandria in Louisiana," he said.
Cool Planet also has attracted private investments from companies including Google Ventures, BP, ConocoPhillips, GE, Exelon and NRG Energy. Cool Planet will be contributing $50 million in equity to the project, USDA noted.
The Cool Planet facilities will produce approximately 8 million to 10 million gallons of reformate per year at full capacity, USDA noted.
Often referred to as a “drop-in” fuel, reformate is an ingredient in gasoline and jet fuel that can be added during the regular refinery process, the department noted. Pine chips will be the feedstock source for the Cool Planet facility, but the company can use almost any type of renewable cellulosic material.
Cool Planet’s facility will produce biochar, a bioenergy byproduct that has been noted for its ability to sequester carbon and potentially reduce atmospheric greenhouse gas levels, USDA added.
