FULTON, Miss. (AP) — A California-based biofuel company says the Export Import Bank of China may loan up to $270 million to build a plant in Fulton, Mississippi.
BlueFire Renewables, Inc. of Irvine, California, says the bank has signed a letter of intent.
The U.S. Department of Energy ended funding to BlueFire last year after disbursing $12 million of an $88 million award, saying the company couldn't complete other financing.
The company says China Three Gorges Corp., a utility, will build the plant.
BlueFire stopped work in Fulton earlier this year. Itawamba County Development Council interim director Harvey Clements says the company continues to pay about $10,000 a month to hold the property.
He says Monday's news is exciting, though he hasn't received official word.
Either side could withdraw from a letter of intent.