California Ethanol & Power, LLC (CE&P) recently announced its award of a $2.5 million grant from the Imperial Irrigation District (IID), a public agency which provides water and energy service to the communities it serves. The IID Board of Directors unanimously approved the competitive grant at its meeting on July 19, 2016, with a 4-0 vote. The grant will allow CE&P to further develop its low-carbon renewable energy company with intentions of becoming the first sugarcane to ethanol facility in the United States.
“CE&P will use the grant money for sugarcane growing activities by local growers as well as to fund costs associated with bringing the project to a successful financial close estimated for later this year,” said Dave Rubenstein, President/CEO. “Our facility intends on generating a stable revenue stream for local growers with sugarcane as an alternative and sustainable crop, creating green and technical jobs, and spurring ancillary growth and economic opportunity to Imperial Valley.”
The IID Board of Directors, acting as the Local Entity, made available the grant as part of a water conservation program that involves agricultural land fallowing. Award monies were made available to mitigate negative socioeconomic impacts of this fallowing. CE&P applied for the competitive grant program which allows all forms of entities, public and private, to obtain funds intended to promote economic development and job creation within the Imperial Valley.
“We are in the late stages of development and the recent $2.5 million grant from the IID has propelled CE&P closer toward reaching financial close and a much anticipated ground-breaking,” Rubenstein said.