Sustainable Fuels receives USDA loan guarantee

By Susanne Retka Schill | August 08, 2008
Web exclusive posted August 28, 2008 at 2:37 p.m. CST

Sustainable Fuels LLC in New Iberia, La., has received a $4 million loan guarantee through the USDA Business and Industry Loan Program.

With the loan in place, developers David Groner and Michael Valls are talking to five potential equity partners to close the financing package for a $6 million, 5 MMgy yellow-grease-to-biodiesel facility in New Iberia.

Valls said the permitting process is now underway. The developers have completed repairs on a 13,000 square foot building they leased that will house the plant; in addition, the rail access and dock space are in place. "When we get the permitting in place, and the final financing, we're ready to go," Valls said.

Groner and Valls have said they hope to begin producing 5 MMgy in January 2009 and gradually increase production up to 20 MMgy if demand allows for it.

In June, Biodiesel Magazine's Kris Bevill wrote a story detailing Sustainable Fuels' plans. To read the story, visit http://biodieselmagazine.com/article.jsp?article_id=2433&q=Sustainable%20Fuels%20confident&category_id=19.
 
 
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