REG Grays Harbor, LLC is set for several improvements with compliments of an additional $5 million credit facility from Umpqua Bank. The bioefinery is the largest of all of Renewable Energy Group’s (REG) biodiesel plants with a nameplate capacity of $100 million gallons of biodiesel per year. This is just one major plant upgrade investment REG has recently made. Last week the company held a celebration for the completion of significant upgrades to its facility in Danville, Illinois.
“This new credit facility gives REG Grays Harbor additional capital to further enhance the plant’s capabilities and other continuous improvement projects,” said Chad Stone, REG CFO. “We appreciate the confidence Umpqua Bank has shown in REG more specifically in the operations at Grays Harbor, and we are grateful for Umpqua’s support.”
This is the second line of credit with the bank giving REG a non-revolving credit of $5 million when the country’s largest biodiesel producer acquired the biofinery in August 2015. The majority of the funds were used for capital improvements through July 2016.
Officials at Umpqua also commented on the investment. “We have enjoyed our relationship with REG Grays Harbor as a corporate banking partner and are happy to be a part of the company’s growth,” said Richard Cabrera, executive vice president, Corporate Banking for Umpqua Bank. “Not only is the company a vibrant member of our business community, but also a role model for innovation by providing socially conscious and environmentally friendly renewable fuel. We value our association with REG Grays Harbor and look forward to our continued contribution to its success.”