Southridge closes finance deal

By | June 02, 2008
Dallas-based ethanol plant developer Southridge Enterprises Inc. secured a $6.6 million finance deal with private investment firm Nexus Lotts Capital Corp. in April. According to Southridge, the funding will be "used for the construction of the company's previously announced sugarcane-based ethanol plant in El Salvador and a land purchase in Texas."

Southridge intends to build a 15 MMgy ethanol dehydration plant in El Salvador, where it plans to export hydrous ethanol from Brazil, dehydrate it and then export it to the United States. In a second phase of construction, the company will build a 5 MMgy sugarcane-based ethanol production facility colocated with the dehydration plant. Southridge will also use some of the funds to build a 50 MMgy natural-gas-fired, dry-grind ethanol plant near Dallas.