Strategic Biofuels seeks to boost Louisiana Green Fuels Project via DOE loan guarantee program
In Louisiana, Strategic Biofuels announced that it has been invited by the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) to submit a Part II application for a proposed $1.6 billion loan guarantee under the Title XVII Innovative Clean Energy Loan Guarantee Program. The Part II application process entails completing and passing through a number of steps which could ultimately result in a conditional commitment and final U.S. Department of the Treasury, Federal Financing Bank loan guaranteed by the DOE. “If our application proves successful it would be combined with the Tax Exempt Bond allocations from the State of Louisiana to form the debt portion of our project’s financing,” said Strategic Biofuels CEO Paul Schubert. “We believe the loan guarantee program is a shining example of the US government’s commitment to decarbonizing the transportation sector. We are proud that our LGF Project met the stringent Part I requirements and we look forward to working closely with the DOE to fulfill the requirements of Part II of the application process.” Strategic Biofuels LLC is a team of O&G, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha.
