California Ethanol & Power Awarded 750,000 Loan

Industry News | July 2, 2015

California Ethanol & Power LLC (CE+P) received a loan of $750,000 from the Imperial County Agricultural Benefit Program, the company announced late yesterday.

The sugarcane ethanol company is the first U.S. company of its kind to receive the award.

"We are extremely grateful for the continued support and the approval of this loan by the Board of Supervisors and the Agricultural Benefit Program Committee," CE+P President and CEO David Rubenstein said. "Together with the county, we can work toward our mutual goals of spurring economic and agricultural development in the form of sustainable crops and the resulting jobs generated from the building of our renewable energy facility."

CE+P is proposing to build the first sugarcane ethanol plant in the U.S. in Brawley, Calif. Previous statements from the company indicated the plant will have a capacity of 66 million gal/year. The loan will help secure the financing of the $555 million facility.

The company has obtained the necessary building entitlements. Additionally, CE+P has reached agreements with Shell Trading (U.S.) Co. regarding marketing of its ethanol, electricity and biogas.

"CE+P anticipates that construction jobs will peak at 600 and once operational, the facility will create 300 permanent jobs," Rubenstein said. "Our expanded sugarcane and sweet sorghum acres will provide a stable and profitable crop to local growers. In addition, the direct and indirect benefits of the project will bring an economic boost to Imperial County for decades to come."

The Imperial County Board of Supervisors created the loan program to improve agriculture business development, research and stewardship.

--Molly M. White,

Copyright, Oil Price Information Service