US approves $91m loan for biofuel plant

A $91 million (£57m) loan guarantee to help finance an advanced biofuel project in Louisiana has been approved by the US Government. Once complete, the facility will have the capacity […]

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By Priyanka Shrestha

A $91 million (£57m) loan guarantee to help finance an advanced biofuel project in Louisiana has been approved by the US Government.

Once complete, the facility will have the capacity to produce between eight million to 10 million gallons of reformate every year. Usually referred to as a “drop-in” fuel, reformate is an ingredient in gasoline and jet fuel that can be added during the refinery process.

The cash will help Cool Planet finish constructing the plant at the Port of Alexandria.

Agriculture Secretary Tom Vilsack said: “USDA’s support for renewable energy projects like this helps create jobs in rural areas, promotes US energy independence and leads to further expansion of the growing and increasingly significant bio-economy.”

Site preparation and detailed engineering design work are currently underway and the company expects to start construction by the end of the year.