US-based biofuel developer Cool Planet Energy Systems has secured credit facility of about $29.9m to finance its first bio-fuel production facility.

The funds are a part of company’s plans to raise $100m during 2013 to develop its first commercial renewable plant.

In an interview with Bloomberg, Cool Planet Energy Systems chief financial officer Barry Rowan said the plant is estimated to produce 10 million gallons of gasoline per year by converting biomass and organic wastes.

Earlier on 24 October 2012, Cool Planet Energy System chief executive officer Howard Janzen said the company is planning to build 30 shipping-container-sized manufacturing units within three years. The facilities were expected to produce fuel for a rate of about $1.5 a gallon.

Although the company has not decided upon the location for the site, it has scheduled to complete the development by 2014. In addition, it has also forged a supply agreement with an undisclosed firm to sell production through 2016.