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The US Virgin Islands' government employee pension fund agreed to loan Tibbar Energy US$15mn for the construction of its proposed 7MW biogas power plant.
Locally based Tibbar is developing the St Croix island project with a view to using US firm Viaspace's Giant King Grass.
In a release, Viaspace said it had submitted an air permit request to the planning and natural resources department and was awaiting approval.
Tibbar and the local power authority (WAPA) have received final approval of various WAPA-Tibbar agreements, among them a 25-year PPA and a power grid interconnection deal.