BlueFire inks deal with China ExIm Bank for $270 million of U.S. bio-energy project financing

By Lisa Kerner

Charlotte, N.C., Oct. 23 – BlueFire Renewables, Inc. received a letter of intent from the Export Import Bank of China to provide up to $270 million of debt financing for the company’s bio-energy project in Fulton, Mississippi.

The Fulton project will allow BlueFire to use available green and wood wastes in the region as feedstock for the ethanol plant that is designed to produce roughly 19 million gallons of ethanol per year, according to a company news release.

“This is a significant feat, not just for BlueFire, as it also provides a model for the U.S. small business community because it is a strong indication of China’s commitment to support and fund U.S. renewable energy technologies to improve the environment and build a strong foundation for cooperation between China and the U.S. in the field of renewable energy,” chief executive officer Arnold Klann said in the release.

“Debt financing has been the most difficult part of the financing to obtain for the cellulosic biofuels industry.”

Based in Irvine, Calif., BlueFire has patented a technology to turn cellulosic waste materials, or green waste, into ethanol.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.