INEOS New Planet BioEnergy (INEOS) has secured a conditional commitment for a $75m loan guarantee from the US Department of Agriculture's (USDA) 9003 Biorefinery Assistance program for the construction of bioenergy project in Florida, US.
Funds will be used for the construction of the Ineos BioEnergy Center to be situated near Vero Beach, Florida.
The BioEnergy Center will produce eight million gallons of advanced biofuel per year together with 6MW of renewable power from biomass including yard, vegetative and wood wastes and municipal solid waste.
The USDA 9003 program provides guaranteed loans for the development and construction of commercial-scale biorefineries or for the retrofitting of existing facilities using eligible technology for the development of advanced biofuels.
The site preparation and construction are underway at the BioEnergy Center, and is slated to begin production in 2012.
INEOS is a joint venture between INEOS Bio and New Planet Energy.