Bioenergy

Financing Secured for Major Biodiesel Facility

New Energy Capital Corp. announced its participation in the financing of the first large-scale biodiesel production plant in the Northeast/Mid Atlantic region. Mid Atlantic Biodiesel Company, LLC broke ground this month on a five million gallon per year facility in Clayton, Delaware that will produce biodiesel from virgin soy bean oil as well as waste vegetable oils and animal fats. New Energy Capital provided equity capital, along with other investors, for the $10 million project and worked closely with the developer, Rural Enterprise Management Company (REMCO), LLC, to secure financing. Greater Atlantic Bank of Reston, Virginia provided a loan for the facility. The U.S. Department of Agriculture provided a loan guarantee and grant; the State of Delaware also provided financial support. Fagen Inc., of Granite Falls, Minnesota, a leading builder of biofuels plants, will construct the facility. Plant design and process technology will be supplied by De Smet Ballestra, a world leader in oil and fats technology that has built large biodiesel plants in Europe. The facility will be operated by REMCO. World Energy Alternatives, of Chelsea, MA, the nation’s largest biodiesel marketer, will sell the biodiesel.