GreenHunter Energy gets up to $150 million credit facility

By Sara Rosenberg

New York, Jan. 30 - GreenHunter Energy, Inc. closed on a new up to $150 million senior credit facility, according to a news release.

WestLB acted as the lead bank on the deal.

The first project financing to be funded under this facility totals $43.5 million.

These borrowings will be used to fund the continued development, conversion and operation of a 105 million gallon per year biodiesel refinery, terminal operations, methanol tower and glycerin refinery, all of which are currently under construction in Houston.

"With the closing of this debt financing, our company further enhances our capital structure, during a period when extremely difficult credit markets are being experienced worldwide. With these new funds, we remain on track to complete our renewable fuels campus by the end of the month, which includes a 105 million gallons per year biodiesel refinery, a 45,000 barrel per month methanol tower, up to 750,000 barrel liquid fuels terminal, and a 100,000,000 pounds per year glycerin refinery," said Gary C. Evans, chairman and chief executive officer, in the release.

Grapevine, Texas-based GreenHunter Energy is focused on the renewable energy sectors of wind, solar, biofuels and biomass power plants.

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