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The City of Regina is selling a big chunk of land to Federated Co-op Limited (FCL) for a new $2-billion facility.
The 222 hectares of land, which was sold for $5.48 million, is to be used to build a renewable diesel plant.
“This project will play a vital role in our transition to the low carbon economy,” Scott Banda, CEO of FCL, said in a media release.
“Renewable diesel will provide our local Co-ops with the ability to sustainably support Western Canada’s fuel needs well into the future, while ensuring our co-operative has another viable solution to meet our regulatory obligations.
“We thank Mayor (Sandra) Masters and Regina City Council for recognizing the benefits of this project, for the City, for FCL and for Western Canada.”
The facility could create more than 1,900 jobs. Most of the positions would be created during the construction phase while 150 positions would be permanent.
Masters is happy the deal went through.
“It’s a $1.2-billion investment in the community transition into green fuel. (FCL) will be producing biofuel, which helps the city with its transition to being net zero by 2050,” she said on Friday’s Greg Morgan Morning Show.
“We’re incredibly pleased with this venture going forward.”
According to a release by FCL, there are still some issues that need to be addressed before construction can begin.
“Construction of the new plant is still subject to market conditions and securing necessary government approvals and support,” the release read. “However, the $5.48 million land purchase option is an integral step towards the construction of the plant.”
FCL is aiming to have the facility operational by 2027.