04:12 AM EDT, 10/17/2024 (MT Newswires) -- Gevo ( GEVO ) said late Wednesday it secured conditional loan commitments totaling $1.46 billion, excluding certain capitalized interest, from the US Department of Energy Loans Programs Office for the financing of a sustainable aviation fuel plant in Lake Preston, South Dakota.

The company is building Net-Zero 1, an alcohol-to-jet production facility with a designed capacity of about 60 million gallons of sustainable aviation fuel per year.

The financing is subject to certain technical, legal, environmental, commercial, and financial conditions, Gevo ( GEVO ) said.

The company said the project is anticipated to generate returns to equity investors in the high teens.

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