Myriant Corporation announced it closed a $25 million private financing bond placement for the construction of its flagship commercial bio-succinic acid plant located in Lake Providence, Louisiana.
The private financing placement utilized the Business and Industry (“B&I”) Rural Development Loan Guarantee program that is administered by the United States Department of Agriculture (USDA).
Myriant’s commercial plant will produce 30 million pounds of bio-succinic acid annually and construction is on-schedule for the planned commercial start-up in the first quarter of 2013.
Myriant has signed multi-year, customer contracts for the plant’s expected annual production capacity and is currently planning its 140 million pound expansion in the United States.
Myriant is the first bio-based chemicals company to receive funding from USDA’s B&I Rural Development Loan Guarantee program.
The B&I program is designed to improve the economic and environmental climate in rural communities by supporting the development of high quality local industry. Myriant’s Lake Providence commercial plant is expected to create approximately 40-50 direct and highly-skilled jobs, approximately 250 construction jobs and an estimated 300 indirect jobs.
The project will be the first and only bio-succinic acid plant in the United States and its construction will help revitalize the U.S. manufacturing base, bringing much needed job growth to Northeast Louisiana.
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