BlueFire's
Fulton Mississippi facility under construction02 November 2011
Irvine, California based waste to fuel specialist, BlueFire Renewables, Inc. has entered into a Memorandum of Understanding (MoU) with China Huadian Engineering to finance its integrated Power Plant and Biorefinery in Fulton, Mississippi.
China Huadian Engineering is one of China's largest utilities, generating more than 75,000 MW of power in China. Its parent company, China Huadian Corporation has over $51 billion in total assets.
Once the MoU terms are finalised in a Definitive Agreement, BlueFire will move toward financial closing allowing the company to accelerate and complete construction of its first commercial cellulosic ethanol facility in Fulton.
The company says that the first phase of construction began in December of 2010, and was completed in June 2011 with the remaining construction dependent on final financing for the complete project.
The Fulton project utilises green and wood wastes available in the region as feedstock for the production of approximately 19 million gallons (72 million litres) per year of cellulosic ethanol sold under long-term contract to help fulfil the demand under the Federal Renewable Fuel Standard established under the Energy Independence & Security Act.
Under the MoU, Huadian will invest equity by purchasing an interest in the BlueFire Fulton Renewable Energy LLC and, optionally, debt for the Fulton project to complete financing and construction for this cellulosic ethanol facility.
According to BlueFire, upon the initial success of the Fulton Project, the agreement intends for Huadian to invest equity and/or provide debt for the development of five additional plants in the U.S.
The MoU also contemplates the formation of a Development Joint Venture to develop similar projects in China.
"This agreement provides the foundation to finance the Fulton facility and a significant number of additional plants in the US and in China," comments Arnold Klann, president & CEO of BlueFire.
Irvine, California based waste to fuel specialist, BlueFire Renewables, Inc. has entered into a Memorandum of Understanding (MoU) with China Huadian Engineering to finance its integrated Power Plant and Biorefinery in Fulton, Mississippi.
China Huadian Engineering is one of China's largest utilities, generating more than 75,000 MW of power in China. Its parent company, China Huadian Corporation has over $51 billion in total assets.
Once the MoU terms are finalised in a Definitive Agreement, BlueFire will move toward financial closing allowing the company to accelerate and complete construction of its first commercial cellulosic ethanol facility in Fulton.
The company says that the first phase of construction began in December of 2010, and was completed in June 2011 with the remaining construction dependent on final financing for the complete project.
The Fulton project utilises green and wood wastes available in the region as feedstock for the production of approximately 19 million gallons (72 million litres) per year of cellulosic ethanol sold under long-term contract to help fulfil the demand under the Federal Renewable Fuel Standard established under the Energy Independence & Security Act.
Under the MoU, Huadian will invest equity by purchasing an interest in the BlueFire Fulton Renewable Energy LLC and, optionally, debt for the Fulton project to complete financing and construction for this cellulosic ethanol facility.
According to BlueFire, upon the initial success of the Fulton Project, the agreement intends for Huadian to invest equity and/or provide debt for the development of five additional plants in the U.S.
The MoU also contemplates the formation of a Development Joint Venture to develop similar projects in China.
"This agreement provides the foundation to finance the Fulton facility and a significant number of additional plants in the US and in China," comments Arnold Klann, president & CEO of BlueFire.
Read
More
Waste to Fuel Projects Backed with 10 Million Dollar Funding for Bluefire Renewables
BlueFire Renewables, Inc. has signed a purchase agreement for up to $10 million with Lincoln Park Capital Fund.
DOE Offers $36 million to Develop Biofuels and Bioproducts
Up to $36 million will be made available to fund six small-scale projects that will develop the technology improvements and process integration needed to produce drop-in advanced biofuels and other valuable bio-based chemicals.
Waste to Bioethanol Plants to be Developed in U.S.
TMO Renewables Ltd, developer of a process for converting biomass into fuel ethanol, has entered into a contract with Fiberight LLC to design and build waste to bioethanol plants in the U.S.
Waste to Fuel Projects Backed with 10 Million Dollar Funding for Bluefire Renewables
BlueFire Renewables, Inc. has signed a purchase agreement for up to $10 million with Lincoln Park Capital Fund.
DOE Offers $36 million to Develop Biofuels and Bioproducts
Up to $36 million will be made available to fund six small-scale projects that will develop the technology improvements and process integration needed to produce drop-in advanced biofuels and other valuable bio-based chemicals.
Waste to Bioethanol Plants to be Developed in U.S.
TMO Renewables Ltd, developer of a process for converting biomass into fuel ethanol, has entered into a contract with Fiberight LLC to design and build waste to bioethanol plants in the U.S.
Free Magazine Subscription |
Share |
|
Free
Email Newsletter |
|||
| |
