"USDA Guarantees Loan to Florida Biofuels Facility Capable of Creating Energy and Hundreds of Jobs from Citrus and Yard Waste"

Nexsen Pruet attorney Pat Brown is proud to have been lender's counsel in the $75 million deal that the USDA announced on August 18th, 2011.

The news release from the USDA began: 

"Agriculture Secretary Tom Vilsack announced  that the U.S. Department of Agriculture's Rural Development recently issued a $75 million loan guarantee to support construction of a waste-to-energy bioprocessing facility in Vero Beach, Fla., that will produce up to 8 million gallons per year of cellulosic ethanol and create an estimated 380 new jobs."

The loan guarantee was made possible through the Agriculture Department's Biorefinery Assistance Program. 

The INEOS New Planet BioEnergy, LLC facility becomes the second major project to recieve financing through the program.   Brown represented lenders in both financings.

Links to headlines about the INEOS New Plant Energy deal:

PR Newswire -  INEOS Bio JV Closes $75m in Private Financing Under USDA Loan Guarantee Program for Advanced BioEnergy Center in Florida 

Ethanol Producer Magazine - Ineos first to close USDA loan guarantee for cellulosic ethanol

Rueters - INEOS biomass plant gets $75 mln US loan guarantee

TCPalm - Indian River BioEnergy Center finalizes $75 million in financing using USDA loan guarantee program

Pat Brown, a Member (partner) in Nexsen Pruet’s Charlotte office, has an extensive background in renewable energy project financing. He was a key architect of the Rural America Bond program and has more than 20 years of experience representing corporate lenders, investment banks, borrowers, and farm credit banks and associations in structuring and negotiating complex financial transactions.