BioNitrogen approved for bonds to acquire Louisiana plants

Company to construct five plants, produce 621,000 tons of urea annually

BioNitrogen Louisiana Holdings LLC, a cleantech company that utilizes proprietary technology to build environmentally friendly plants that convert biomass into urea fertilizer, has announced that the Louisiana State Bond Commission approved $1.25 billion in tax-exempt bonds for the acquisition, development and construction of five plants in Pointe Coupee Parish, La. The Louisiana Community Development Authority (“LCDA”) granted preliminary approval earlier in 2013.

BioNitrogen intends to continue working with its team of key contractors, including KBR and PRM Energy, to engineer and construct the plants in Pointe Coupee Parish, which will be built in parallel with the Hardee County facilities. The proposed five plants are projected to produce 1,800 tons of urea daily or 621,000 tons of urea annually. In February, BioNitrogen received approval from the Florida Governor to issue up to $175 million of tax-exempt bonds for the construction of the Hardee County plant. 

“The approval of this issuance is another important step toward providing green domestic urea fertilizer to North American farmers,” said Bryan Kornegay, Jr., president and CFO of BioNitrogen. “We look forward to planning, zoning and permitting for the site to move the project forward as quickly as possible.”