Grays Harbor secures credit

REG Grays Harbor, LLC, a wholly-owned subsidiary of Renewable Energy Group, has secured an additional US$5 million credit facility from Umpqua Bank to fund further capital expenditure and improvements at its 100 million gallon biodiesel refinery.
REG secured an initial $5 million non-revolving credit facility from Umpqua when the company acquired the biorefinery in August 2015. Of that line of credit, $4.5 million was used for capital improvements at the facility through July 2016.
“This new credit facility gives REG Grays Harbor additional capital to enhance the plant’s capabilities and other continuous improvement projects,” said Chad Stone, REG chief financial officer.
“We are very pleased with the Grays Harbor team and the biorefinery’s contribution to our network during its first year with REG,” added Derek Winkel, general manager, REG Grays Harbor and executive director, manufacturing operations.
The facility is REG’s largest biorefinery and one of 11 biomass-based diesel plants across the United States. REG is a leading North American producer of advanced biofuel with a total capacity of 452 million gallons a year.