PORT ST. JOE — The developer of the Northwest Florida Renewable Energy Center has pulled out of the project, citing an inability to secure financing.
Rentech Inc. had hoped to secure a federal loan guarantee from the U.S. Department of Energy (DOE), but this summer the DOE put the term sheet for the loan guarantee on hold due to the number of projects in the pipeline and available funding.
Since then, Rentech, a Colorado-based renewable energy publicly-traded company, had sought financing in the private sector, but the current economic environment proved one too many hurdles for the project, a 55-megawatt energy plant to be built in Port St. Joe.
