The Export-Import Bank of the United States (Ex-Im Bank) has provided a $48.6m loan for the the export of equipment and services to a biogas project in Brazil.
The 12-year loan is Ex-Im Bank’s first financing for biogas reclamation and development and centres on the Novo Gramacho biogas project, operated by Gas Verde.
The plant is located near Rio de Janeiro at the 140-hectare Jardim Gramacho landfill – one of the world’s largest solid-waste landfills.
It will convert the site’s “dirty” methane gas – a by-product of trash decomposition that lingers for years and is more environmentally harmful than carbon dioxide – into clean, usable biomethane gas.
Ex-Im Bank chairman and Fred P. Hochberg said the project “has multiple benefits both in the United States and in Brazil”.
It generated new jobs for workers in seven [US] states and also enables the Gas Verde to convert an environmental hazard into a green-energy source that will reduce local emissions of greenhouse gases as well.”