[RenewableEnergyAccess.com] Financing closed on the development and operation of an 88 million gallon per year (mgy) ethanol plant in Ravenna, Nebraska, by Abengoa Bioenergy. The plant will use about 32 million bushels of corn each year. The move will further compliance with the recently enacted Energy Policy Act, which includes a renewable fuels standard requiring the blending of 7.5 billion gallons of renewable fuel, including ethanol and biodiesel, into motor fuel by 2012. Completed construction is scheduled for February 2007. Chadbourne & Parke LLP represented the company, and while terms were not disclosed, total senior debt will be $90 million. Chadbourne represents participants with more than 1 billion gallons in new ethanol production.
