News blog
Renova Energy
- BY: Andrew Hore |
- POSTED: 03/04/2008 |
Renova Energy is still trying to raise cash to finish its ethanol and waste-to-energy plant at Heyburn, Idaho.
The shares slumped 2.875p to 5.375p.
Engineering consultants have re-planned the project and the ethanol plant will cost $45.2m and the power plant a further $14.9m. The project has been suspended having been three-quarters completed.
Renova has breached its banking covenants and the standstill agreement with the banks ran out on 2 April. It is talking to the banks about restructuring the debt.
Renova sold 15.5 MM gallons of ethanol in the year to March 2008, against 10.5 MM gallons the year before. The average price rose 3% to $2.28/gallon. Annualised volumes are running at 20 MM gallons/year. Production capacity at its Torrington facility is being increased from 7 MM gallons/year to 10 MM gallons/year.
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