Premium Peanut Santee

Santee,
SC
(2024)

Premium Peanut Santee

Manufacturing

Construction of a new 125,000 ton peanut shelling facility in a non-metropolitan, severely distressed census tract in Santee, SC.

Investment

NMTC Amount: $42,000,000
Total Project Cost: $72,392,755

IMPACT

83 FTE jobs
160 construction jobs

CDEs

CEI Capital Management, Hampton Roads Ventures, Innovate Fund, Mascoma Community Development, Truist

Investor

Truist

Premium Peanut is a grower-owned, peanut shelling company with operations in Douglas, GA. In line with a commitment to sustainability and minimizing its environmental impact, the company conducts its operations with a near-zero waste generation approach. Peanuts deemed unsuitable for food sales are re-purposed to produce peanut oil. Furthermore, all empty shells and by-products resulting from the shelling and oil generation processes are not wasted; instead, they are sold for various purposes.

To meet increased market demand for its peanut based products, Premium Peanut acquired land in Orangeburg County, SC, with the goal to construct a new 125,000 ton capacity shelling plant. NMTC financing from the Innovate Fund, Mascoma Community Development, CEI Capital Management, Hampton Roads Ventures, and Truist Community Development Enterprises resolved the large gap in capital required to allow Premium Peanut to move forward with the project. Without the NMTC subsidy from $42 million in NMTC allocation, the project would have been significantly reduced in scope (and community impact) or not have moved forward at all. Additionally, the project would have been delayed for more than a year, increasing costs significantly due to construction cost variations, high interest rates, and supply chain constraints in the market.

The new facility, which is expected to open in early 2026, will create an estimated 83 FTE jobs, 79% of which will be accessible to local low-income residents.

MAP

Address: Knowles Street, Santee, SC 29142

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