Cool Planet Energy Systems has landed a$91 million loan guarantee from the U.S. Department of Agriculture to help pay for the construction of the Greenwood Village company’s first commercial refinery in Louisiana.
Westar Trade Resources provided the independent feasibility study for the application.
The first refinery is slated for Louisiana’s Port of Alexandria; Cool Planet broke ground on the facility in February. It will be capable of producing between 8 million and 10 million gallons of fuel per year when operating at full capacity, the USDA said.
The agency said it had reached an agreement with the Silicon Valley Bank to provide a $91 million loan guarantee, via the Biorefinery Assistance Program, to Cool Planet to help the company finish construction on its biofuel plant at the Port of Alexandria in Louisiana.
The USDA said Cool Planet will contribute $50 million in equity to the project. The company has attracted private investments from numerous companies, including Google Ventures, BP, ConocoPhillips, GE, Exelon and NRG Energy.
Cool Planet CEO Howard Janzen thanked the USDA for backing “industry-leading projects such as ours.”
“The Cool Planet process provides real solutions to some of today’s most important energy, food and water challenges,” Janzen said. “Our first commercial plant will produce renewable fuels by converting wood chips into high octane gasoline and aromatic blendstocks that are chemically identical to fossil fuels."For a free, no obligation consultation on how Westar can assist your company apply for a USDA 9003 loan guarantee, contact us at 866-480-4405 or at email@example.com.