In The News: IRRRB approves Sweetwater Energy financing deal

DULUTH NEWS TRIBUNE— Sweetwater Energy will get $26 million in public financing to build a plant in Mountain Iron that will turn northern Minnesota trees into industrial alcohols.

The Iron Range Resources and Rehabilitation Board voted unanimously Friday to give the Rochester, N.Y., biochemical company an $18 million loan at 3 percent interest to be paid back over 15 years.

The $53 million plant proposed just off U.S. Highway 169 would turn trees, so-called woody biomass, into cellulosic sugars that could become the building blocks for products now made from petroleum or corn.

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