Nova reaches 14 Mgy capacity at new Illinois biodiesel plant; on track to reach 60 Mgy

In Illinois, Nova Biosource Fuels said that its new biodiesel plant in Seneca has reached a capacity of 14 Mgy after 25 days of operation, and said that it is on schedule to reach its planned capacity of 60 Mgy. Nova said that its biodiesel was meeting or exceeding quality goals, and that it has proved an ability to utilize feedstocks with high free fatty acid content (over 6 percent).

In Texas, Nova Biosource Fuels announced a $41 million senior secured credit facility with WestLB AG, including a $36 million construction loan and $5 million in working capital.

The funds will be used to complete the company’s 60 Mgy biodiesel plant in Seneca, Illinois. The plant is scheduled to be complete by summer 2008.

The news is positive for the Illinois biodiesel industry, which had been cited by BBI International as the third biggest biodiesel producing state, with 199 Mgy in actual or planned capacity. The state had been beset by high soybean oil prices. Recently, construction was halted at the North Prairie Productions biodiesel plant in Illinois owing to high soybean oil prices, and other Illinloic plants are producing at minimal levels or are idle.

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