BioAmber says it has another piece of the financing puzzle in place for its $125-million bio-succinic acid plant now being built in Sarnia.
The company announced Monday it has secured a $20-million commercial loan from a financial consortium led by Export Development Canada, and including Farm Credit Canada and Comerica Bank.
The project has received other government loans and support, including $10 million announced earlier this year by Agriculture Canada.
The plant is expected to be completed in early 2015, according to the company.
Montreal-based BioAmber is building the 30,000-tonne capacity plant on Vidal Street where it will use sugar from corn to produce bio-succinic acid, a building-block chemical used in plastic, cosmetics and other products.
BioAmber already had 15 people working in Sarnia in May, when the company announced its financial results for the first quarter of the year.
The plant is expected to have a permanent staff of 60 and, the company said, is expected to be the world’s large bio-based succinic acid production facility when it begins operating.
BioAmber said more than 90% of the bio-succinic acid it produces in Sarnia will be exported.
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