Ontario Government has selected Rentech's Olympiad Renewable Energy Centre (Olympiad project) in White River Township, Canada, for the supply of approximately 1.1 million cubic meters per year of Crown timber.
The wood supply composed primarily of forest waste and unmerchantable species, and will be used for the production of renewable RenJet, Rentech’s low-carbon jet fuel.
The Olympiad project, which is scheduled to be in service in 2015, will employ the company’s Rentech-ClearFuels biomass gasification system and the Rentech process to produce the alternative jet fuel.
The company said its Olympiad project will produce approximately 85 million liters annually of renewable and certified low-carbon RenJet fuel, and 43 million liters annually of renewable naphtha, a chemical feedstock.
Rentech President and CEO Hunt Ramsbottom said the company will be working closely with Sustainable Development Technology Canada (SDTC), First Nations, and other partners to secure project financing.
SDTC’s C$500m ($519.70m) NextGen Biofuels Fund (NGBF) offers a potential funding source for the Olympiad project, the company said.
Also Rentech has recently submitted an application for funding to the NGBF, which funds up to 40% to a maximum of C$200m ($207.87m) of eligible project development and construction costs, which will be repaid from a percentage of the project’s cash flows.
Renewable RenJet and naphtha to be produced at the Olympiad project are estimated to reduce approximately 600,000 metric tonnes per year of CO2-equivalent from the atmosphere compared to the same products produced from petroleum.