Aemetis, the California RNG and biogas project developer, expects to have an additional $85m for dairy biodigester development this year, CEO Eric McAfee said on an earnings call.
Aemetis recently closed $50m in USDA guaranteed 20-year loans to build dairy-to-biogas digesters and to convert construction loans to term loans for those that are finished construction. The company has nine operating biodigesters.
“We plan to accelerate the rate of biodigester development in 2024 as we expect to close [$60m] of new private financing to accelerate project construction,” he said. An additional $25m is expected to come from a pending USDA guaranteed loan.
Aemetis got revenue from the sale of LCFS credits for the first time in 1Q24, McAfee said. Also, RNG-generated revenue through the sale of 45V production tax credits should start in January 2025.
Project financing for the company’s Carbon Zero 1 biofeuls plant in Riverbank, California is underway, McAfee said.
“We’re receiving a high level of interest from financial and strategic investors,” he said, noting the projects’ advanced permitting make it one of the few financeable projects in the US.
ReSource previously reported that Aemetis was seeking to raise roughly $500m for Riverbank.
