Aemetis secures $200mn funding for renewable energy projects
SUMMARY
The projects include a sustainable aviation fuel plant and a dairy renewable natural gas plant.
By Shardul SharmaCupertino-based renewable energy company Aemetis announced on March 21st the approval by the US Citizenship and Immigration Services (USCIS) of $200mn in funding for its projects aimed at advancing sustainable aviation fuel (SAF), renewable natural gas (RNG) from dairy sources, carbon sequestration, and energy efficiency upgrades to its Keyes ethanol plant.
The approved funding will support various initiatives, including the Riverbank sustainable aviation fuel plant, which recently obtained Authority to Construct (ATC) air permits. Designed to produce 78mn gallons/year of SAF for the aviation market, the Riverbank plant has already secured contracts worth over $3bn to supply airlines with SAF, it said.
“This $200mn of funding provides attractive terms at a low interest rate to fund our projects, including the dairy renewable natural gas project and the sustainable aviation fuel plant to meet rapidly increasing global demand for SAF from airlines,” said Eric McAfee, CEO of Aemetis.
“This EB-5 funding, the 20-year USDA guaranteed loans, and other financings support the continued growth of the company as set forth in the Aemetis five year plan,” McAfee added.
Under the EB-5 programme, eight investors have already contributed $500,000 per investor, totalling $4mn. Additionally, 245 future investors have been approved at $800,000 per investor, securing an additional $196mn in funding.
