California Ethanol + Power

It has taken nearly 15 years, but Dave Rubenstein is on the verge of realizing his vision of building Sugar Valley Energy, an ethanol plant in California’s Imperial Valley — with the help of municipal bonds. His firm, California Ethanol + Power, plans to price $575 million in bonds through a municipal conduit in June or July to fund construction of the alternative fuel and energy plant to convert sugarcane into ethanol. If all goes as planned, the project will reach financial close in August on a mix of publicly sold and privately placed bonds. Three years later, the plant would open for business.