FOR IMMEDIATE RELEASE
Contact: Camille E. Soriano
FIRST U.S. SUGARCANE ETHANOL COMPANY
AWARDED $750,000 LOAN BY IMPERIAL COUNTY
Imperial County, California – July 1, 2015 - California Ethanol & Power, LLC (CE+P) announced today their award of a $750,000 loan as part of the Imperial County Agricultural Benefit Program. The Imperial County Board of Supervisors voted 5-0 in favor of the loan at their meeting yesterday.
“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,” stated CE+P President & CEO David Rubenstein. “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."
The loan program was established by the Imperial County Board of Supervisors to mitigate losses to agricultural production, jobs, and the local economy resulting from development on farmland within the county. Specifically, the program targets agricultural business development, research and development, and agricultural stewardship.
For CE+P, the agricultural loan will fund a portion of specific tasks associated with securing financing for the $555 million facility. The company has reached critical milestones including obtaining necessary building entitlements and signing off-take agreements for the ethanol, electricity and biogas with Shell Trading (US) Company. In Imperial Valley, they continue to grow, conduct research and maintain the sugarcane and sweet sorghum feedstocks. Recently, CE+P engaged one of Wall Street's largest and best-known firms to assist with the project's financing.
CE+P's project intends to produce extremely low carbon ethanol, base-load renewable electricity, and pipeline quality biogas. These renewable products are in growing demand with the strengthening of California's Low Carbon Fuel Standard and Renewable Portfolio Standard, both vital components to reducing greenhouse gas emissions. At the same time, the project will create economic growth in California's rural communities and will assist the state and county with job growth in an area with historically the highest unemployment rates.
“CE+P anticipates that construction jobs will peak at 600 and once operational, the facility will create 300 permanent jobs,” stated Rubenstein. “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.”
For more information on the Imperial County Agricultural Benefit Program, please contact the Imperial County Agricultural Commissioner’s Office located at 852 Broadway, El Centro CA 92243. Phone: (442) 265-1500. Visit: http://www.co.imperial.ca.us/ag/.
California Ethanol & Power, LLC (www.CaliforniaEthanolPower.com) intends to produce sustainable low-carbon energy in California for use in California from sugarcane and sweet sorghum. CE+P intends to develop, finance, install, own and operate a series of Projects in the Imperial Valley that grow sugarcane and sweet sorghum, extract and ferment the juice into fuel-grade ethanol, convert the remaining biomass into electricity, produce biomethane and fertilizer feedstock from the fermentation process residue, and sell the field residue for forage or electricity generation. For more information, contact VP Marketing and Public/Investor Relations Camille Soriano at CSoriano@CaliforniaEthanolPower.com or 760/344-1004.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof, or other variations thereof. Each forward-looking statement, including, without limitation, any financial projections, speaks only as of the date on which it is made, and CE&P does not undertake an obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made, or to reflect the occurrence of anticipated or unanticipated events or circumstances. The forward-looking statements are necessarily based on assumptions and estimates and are inherently subject to various risks and uncertainties. Actual results may vary materially as a result of changes or developments in social, economic, business, market, legal and regulatory circumstances or conditions, both domestically and globally, as well as due to actions by customers, clients, suppliers, business partners, or government bodies. Performance is subject to numerous factors, including demand for renewable fuels and the availability of, private and public sector funding. Results may also vary as a result of difficulties or delays experienced in the execution of contracts or implementation of strategic initiatives.
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