Renewable Energy Group breaks ground on $13.2M upgrade to Newton biodiesel plant
4 February 2014
Renewable Energy Group, Inc. (REG) broke ground on a $13.2-million improvement project at its Newton biodiesel refinery that will increase the plant’s ability to produce an even higher purity biodiesel from a wider array of raw materials. REG, based in Ames, Iowa, is a leading North American biodiesel producer, with eight active refineries in four states that have a combined nameplate production capacity of 257 million gallons.
REG Newton has a nameplate capacity of 30 million gallons per year, and can handle high and low free fatty acid feedstocks.
The upgraded process, including distillation, removes impurities and leaves behind the purest form of the fuel. The final product exceeds quality standards set by the biodiesel industry, while meeting the company’s REG-9000 quality specifications.
REG Newton refinanced its original loan through a banking syndicate led by AgStar Financial Services to extend the term and help pay for the project. The refinancing provides for an additional $5 million to fund the capital project and extends the maturity date by five years.
REG also recently has expanded into synthetic fuels, with the purchase of the assets of F-T company Syntroleum (earlier post), as well as drop-in renewable fuels, with the purchase of LS9 (earlier post).
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