
Aemetis, Inc. (AMTX) has closed its second $25 million, 20-year term loan guaranteed by the U.S. Department of Agriculture (USDA) for a total of $50 million of Aemetis Biogas project financing arranged by Greater Commercial Lending (GCL) in the past nine months.
The Aemetis Biogas Central Dairy RNG Project is now fully funded to build biogas digesters and related assets for eight additional dairies using the $9.4 million of equity financing already provided by Aemetis and the $25 million of new debt financing guaranteed by the USDA. Magnolia Bank of Elizabethtown, Kentucky provided the primary funding for the $25 million loan to Aemetis Biogas 2, LLC (AB-2), a wholly-owned subsidiary of Aemetis, Inc.
Commenting on the utility of the project, Eric McAfee, Chairman and CEO of Aemetis, said, “The USDA Renewable Energy for America Program (REAP) provides long term, 20-year financing that enables the construction of projects that improve air quality and reduce carbon pollution such as the Aemetis Biogas Central Dairy Digester Project. We appreciate the good working relationship that has been developed with the team at Greater Commercial Lending and we are pleased to have Magnolia Bank as the new primary lender for the AB-2 phase of the project.”
Aemetis Biogas has built and is fully operating dairy biogas digesters for seven dairies, a 40-mile biogas pipeline, the central biogas-to-RNG production facility and the PG&E gas utility interconnection unit. Aemetis Biogas is building passive solar anaerobic digesters at dairies to capture biomethane from animal waste.
