BioNitrogen To Issue Bonds For Florida Fertilizer Plant
BioNitrogen Plant FL I, LLC, a wholly-owned subsidiary of BioNitrogen Corp., has received approval from the Board of County Commissioners of Hardee County on Thursday, November 1, 2012 for the Florida Development Finance Corp. to issue up to $150 million in bonds for the construction of the Hardee County plant. A critical hurdle was cleared in the process of receiving a Major Special Exception that allows construction of the plant to proceed without re-zoning. As part of the process, the planning and zoning board issued its unanimous approval and recommendation of the Major Special Exception at a hearing held on the same date.
Construction on the site is slated to commence in early 2013. The proposed plant will be able to produce 15 tons of urea fertilizer per hour, or 124,200 tons annually.
“The County’s approval sets the stage for the initiation of the construction process of what will be the first environmentally-friendly plant in the United States that converts biomass into urea fertilizer,” said Carlos A. Contreras, President and CEO of BioNitrogen. “We are excited to be another step closer to providing domestically produced urea fertilizer for the North America market.”