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Valero providing construction financing for Valero-Diamond renewable diesel JV
1 June 2011
A subsidiary of Valero Energy Corporation will provide financing to Diamond Green Diesel LLC, a previously announced joint venture project between Darling International and Valero Energy Corporation (earlier post), for the construction of its renewable diesel facility in Norco, Louisiana. Construction on the facility will commence this month, with completion anticipated during the fourth quarter of 2012.
The facility will be capable of producing more than 9,300 barrels per day or 137 million gallons per year of renewable diesel on a site adjacent to Valero’s St. Charles refinery near Norco, Louisiana. The facility will convert grease, primarily animal fats and used cooking oil supplied by Darling, and potentially other feedstocks that become economically and commercially viable, into renewable diesel.
Valero’s support for this project is critical and this is another means of displaying their confidence in both the technology and viability of the project. Valero's financing commitment means that we will no longer require a funding guarantee from the US Department of Energy under the Energy Policy Act of 2005. Nevertheless, we would like to thank the Department of Energy for their support for this project, which is expected to generate numerous jobs in the State of Louisiana.—Randall C. Stuewe, Chairman and CEO of Darling
Darling International Inc. is the largest and only publicly traded provider of rendering and bakery waste recycling solutions to the nation’s food industry. The company recycles beef, pork and poultry waste streams into useable ingredients such as tallow, feed-grade fats, meat and bone meal, poultry meal and hides.
The company also recovers and converts used cooking oil and commercial bakery waste into feed and fuel ingredients. These products are primarily sold to agricultural, pet food, leather, oleo-chemical and bio-diesel manufacturers around the world. In addition, the company provides grease trap collection services and sells used cooking oil collection equipment to restaurants.
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