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Ineos JV receives $75m loan guarantee

On 5 January this year Ineos New Planet BioEnergy, a joint venture between bioenergy firm Ineos Bio and New Planet Energy, received a conditional commitment for a $75 million (€57 million) loan guarantee from the US Department of Agriculture’s 9003 Biorefinery Assistance Program.

The loan will fund the Ineos BioEnergy Center, a US, Florida-based facility that will convert biomass, including yard, vegetative and wood wastes, in addition to municipal solid waste, into 8 million gallons a year or advanced biofuel and 6MW of renewable power.

Commenting on the loan guarantee Peter Williams, CEO of Ineos Bio and chairman of Ineos New Planet BioEnergy, says: ‘We are encouraged by the continued confidence and commitment the US government has shown in assisting with the commercial development of this new bioenergy technology.

‘As well as directly assisting construction of the Ineos New Planet BioEnergy commercial plant, the loan guarantee also represents an important step along the road to replication of this exciting new technology through Ineos Bio’s licensing programme,’ Williams explains.

To date the chosen site for the centre has been cleared and construction is underway. 55 jobs have already been created but a total of 175 jobs will become available during the construction period, in addition to 50 full-time positions following completion.

The BioEnergy Center is expected to start operations in 2012.