Source – Reuters
Clean energy provider Rentech Inc said its loan guarantee application for a proposed renewable energy center has been placed on hold by the U.S. Department of Energy, sending its shares down 3 percent
The company’s Port St. Joe Renewable Energy Project was expected to produce about 55 megawatts (MW) of power from woody biomass.
According to the company website, the majority of the capital required for the project was to come from a term sheet for a loan guarantee provided by the U.S. Department of Energy.
THe Florida-based project, which was to begin in August 2011, was expected to generate about 200 construction jobs.
On Tuesday, Rentech posted a narrower-than-epxected loss helped by strong demand and pricing for fertilizer products, along with low natural gas prices.