WHITEWATER, Wis., June 21 /PRNewswire/ -- Global Renewable LLC today announced that it has received the final air and construction permits from the state of Wisconsin for its ethanol plant in Sharon, Wis. The company also announced it has received preliminary approvals for up to $76.6 million in financing for the project. The company anticipates breaking ground at the plant site near the Wisconsin-Illinois border once it secures the remaining financing for the ethanol plant, which it expects to do in the near future.
"Global Renewable has made great progress with our Sharon Ethanol project during the past month, receiving our final air and construction permits, and obtaining preliminary approvals for a significant portion of the project's financing totaling up to $76.6 million," said Jeffery P. Knight, director of Global Renewable. "We are excited to begin the final phase of our private equity and senior debt fundraising with the assurance that we have cleared the last major regulatory hurdle to the plant's construction."
The village of Sharon Board of Trustees on April 10, 2007, approved a resolution authorizing the sale of $60 million in tax-exempt industrial revenue bonds for the ethanol project. In addition, the village's Planning Commission has approved the granting of more than $9 million in tax-increment financing for street, rail, electric, gas and other infrastructure improvements required for the plant's construction. Final approval of the tax-increment financing could be received by mid-August.
Global Renewable also has received a letter of commitment from Alliant Energy for a $7.6-million low-interest loan through its Shared Savings program, which rewards energy-efficient design and operation of commercial facilities like the Sharon Ethanol plant. The company is working to finalize its Shared Savings agreement with Alliant and anticipates that it will be completed in the near future.
"We continue to work hard to ensure that the Sharon Ethanol project will benefit both the community and our investors," said former Wisconsin Gov. Tommy G. Thompson, chairman of Global Renewable. "The Sharon Ethanol plant is an exciting project that demonstrates Wisconsin's continued leadership in renewable energy."
"The strong support of the village of Sharon and the state of Wisconsin has been critical to moving the Sharon Ethanol project forward," Mr. Knight said. "Wisconsin has created a first-rate climate for the growth of its renewable energy industry."
The company also said that it will host a public informational meeting in Sharon on Wednesday, July 18. The meeting will be held at the Sharon Village Hall from 5-8 p.m.
Contacts:
Jeffery P. Knight Rod Hise
Global Renewable LLC The Luminis Group, Ltd.
(262) 472-8944 for Global Renewable LLC
(608) 807-4607
Global Renewable LLC
CONTACT: Jeffery P. Knight of Global Renewable LLC, +1-262-472-8944; or
Rod Hise of The Luminis Group, Ltd., +1-608-807-4607, for Global Renewable
LLC
