New Energy Capital Finances 40 Million Gallon Ethanol
Facility – Over 300 Farmers and Businesses Invest Also
New Energy Capital Investment at a recent groundbreaking ceremony in Indiana attended
by United States Congressman Peter Visclosky, reported on the close of financing and the start of construction of a corn based
ethanol facility in Rensselaer, Indiana. New Energy itself provided financing for the Iroquois Bio-Energy Company (IBEC) through
a $38.6 million loan through the Farm Credit Services of Mid-America. The corn, to be supplied from local farmers, will be
used to produce ethanol and distillers grains, used as a feed supplement for the dairy industry.
Those involved in the project, which is estimated to
cost $70 million, include Fagen Inc., which will construct the facility, ICM, Inc, which will provide the plant design and
process technology, and The Andersons Inc., which will provide grain origination and risk management services. The facility
is expected to employ 60 in the construction phase.
Besides the major investment from New Energy Capital,
the project’s financing differentiates itself from others in that nearly 300 local farmers and businesses joined in
the financing along with Fagen Inc., The Andersons Inc., Noble Americas Inc. and Indeck Energy Services Inc. A grant was also
provided by The U.S. Department of Energy, partly through the efforts of U.S. Congressman Visclosky, who also offered his
comments about the project,: "This ethanol plant is a perfect example of communities using their resources to create new economic
opportunity. The success of this facility is a shared success between the local farmers, the people who will be put to work,
and the entire region."
New Energy Capital Corp., based in New England, operates
a number of renewable energy facilities in the United States. The company also invests in renewable energy projects. Investors
in New Energy include VantagePoint Venture Partners and the California State Teachers' Retirement System (CalSTRS).
