Home » NEWS » Banking & Finance » BlueFire looks to China for financing of biofuel plant

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.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply