Microgy receives approval of $65.35 million bonds to extract gas from California dairy farms

By Cristal Cody

Springdale, Ark., May 29 - Environmental Power Corp. subsidiary Microgy Inc. received approval of $65.35 million of bonds to finance renewable natural gas projects at California dairy farms, the company reported Thursday.

The company received an allocation from the California Debt Limit Allocation Committee to finance the Riverdale project in Fresno County and Hanford project in Kings County.

Microgy holds the North American license for the proprietary anaerobic digestion technology that extracts methane gas from animal wastes to generate energy.

The company plans to sell the gas from the California farms to Pacific Gas and Electric.

The bond terms have not been determined yet, the company said.

Microgy obtained similar tax-exempt financing for four projects in Texas and obtained a bond allocation from the Nebraska Industrial Finance Authority for the project under construction at the JBS Swift facility in Grand Island, Neb.

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