Officials with Inland Pacific Energy Center of Stanfield, Oregon are looking at a $504 million financing deal from an undisclosed European source.
This story from the East Oregonian news web site says the deal will go to finish a 96-million-gallon-per-year biodiesel plant, 120-million-gallon ethanol plant, and feed mill project:
Bob Doughty, project manager for the Inland Pacific Energy Center, said this week funding for the project is making good progress, but he’s being cautious about this proposal and has obtained some high-powered help to investigate it.
“The proposal is for $504 million in debt financing,” Doughty said. “It is proposed as a typical ‘draw down’ construction loan, which will roll into permanent financing.”
Doughty said he couldn’t disclose the name of the firm because negotiations still are under way on some details.
“I have investigated the proposal as best I can on my own and so far, it looks to be legitimate,” he said.
In addition, Doughty solicited help from Sen. Gordon Smith, R-Ore., to have the appropriate federal agencies investigate the firm and its proposal thoroughly.
“This proposal is just what the project needs if it is legitimate and complies with all federal and state regulations,” Doughty wrote Smith Nov. 16. “If it is not legitimate, it will be a disaster.”
When done as projected in 2010, the nearly 500 acre facility will employ up to 600 people.