LONDON (Thomson Financial) - Renova Energy Plc. said it expects total
project cost of combined ethanol and power plant at Heyburn, Idaho, which has
been on hold since December 2007, is now estimated to be $60.1 million.
Chris Thomas, chairman said: "In what is a very difficult economic
environment generally, and for the bio-fuels sector in particular, in which to
raise additional capital from traditional sources we are continuing to
investigate a number of alternative funding arrangements to complete the Heyburn
project."
The ethanol production, distribution and marketing company said it is in
ongoing discussions with its lenders to restructure the existing borrowings.
The company said its core production and marketing business continues to
expand with strong sales growth, which exceeded management's expectations for
the full year. Renova added that it looks forward to an imminent and sustained
increase in production capability at its Torrington facility as the
de-bottlenecking programme also nears completion.
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