Grapevine, Texas [RenewableEnergyAccess.com] GreenHunter Energy, Inc. announced that it has closed on a new Senior Bank Credit Facility of up to $150 million with WestLB, a German financial institution. The first project financing to be funded under this Credit Facility totals $43.5 million.
The credit will be used to fund the development, conversion, and operation of a 105 million gallon per year biodiesel refinery. The facility includes terminal operations, a methanol tower and a glycerin refinery, all of which are currently under construction in Houston, Texas.“With the closing of this debt financing, our company further enhances our capital structure, during a period when extremely difficult credit markets are being experienced worldwide. With these new funds, we remain on track to complete our Renewable Fuels Campus by the end of the month which includes a 105 million gallons per year Biodiesel Refinery, a 45,000 barrel per month Methanol Tower, up to 750,000 barrel Liquid Fuels Terminal, and a 100,000,000 lb’s per year Glycerin Refinery,” said Gary Evans, CEO of GreenHunter.