Aemetis, a renewable energy company, has secured funding of $130 million under the newly expanded Stanislaus County Community Development Financial Institution (C-PACE) program. This program aims to promote commercial property assessed clean energy (CPACE) financing for renewable energy projects in Stanislaus County, California.
The funding will be used by Aemetium, a leading manufacturer of biorefineries, to develop a new biorefinery in the county. The facility will convert renewable biomass into low-carbon intensity transportation fuels, including low-carbon jet fuel and ultra-low-carbon gasoline. The new biorefinery will also create local jobs, injecting millions of dollars into the local economy.
The Stanislaus County C-PACE program is a funding solution that allows property owners to access long-term, fixed-rate, and low-interest loans for various clean energy projects. The program is designed to encourage property owners to adopt sustainable energy practices, reducing greenhouse gas emissions and enhancing the environment.
Aemetis’s biorefinery project in Stanislaus County is a significant step towards achieving the county’s goal of reducing its carbon footprint. The project will not only reduce carbon emissions but also create a positive impact on the local economy. The biorefinery will be designed to be carbon-neutral, using 100% renewable energy to power its operations.
The C-PACE program has been expanded to include more flexibility and longer repayment terms, making it easier for property owners to access funding for their clean energy projects. This move is expected to stimulate more property owners to invest in renewable energy projects, leading to increased adoption of clean energy solutions and reduced dependence on fossil fuels.
In a statement, Erichaus said, “Aemetis is thrilled to partner with the Stanislaus County C-PACE program to bring cleaner and more sustainable energy options to the community. This project will not only reduce greenhouse gas emissions but also create new jobs and stimulate local economic growth. We believe this is a key step towards a more sustainable future for the region.”
The Aemetis biorefinery project is expected to be completed in 2025, with the facilities expected to have a production capacity of up to 125,000 barrels per day. The project will also create around 500 new jobs during the construction phase and more than 200 permanent jobs once operational.