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BlueFire looks to China for financing of biofuel plant

state-moneyFULTON — A California-based biofuel company says the Export Import Bank of China may loan up to $270 million to build a plant in Fulton.

BlueFire Renewables Inc. of Irvine, California, says the bank has signed a letter of intent.

The U.S. Department of Energy ended funding to BlueFire last year after disbursing $12 million of an $88-million award, saying the company couldn’t complete other financing.

The company says China Three Gorges Corp., a utility, will build the plant.

BlueFire stopped work in Fulton earlier this year. Itawamba County Development Council interim director Harvey Clements says the company continues to pay about $10,000 a month to hold the property.

He says the news is exciting, though he hasn’t received official word.

Either side could withdraw from a letter of intent.

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