FCL Secures Land Option for Renewable Diesel Plant
REGINA, SK, Nov. 10, 2021 /CNW/ - Federated Co-operatives Limited (FCL) is pleased that Regina City Council has officially approved an offer to purchase land north of the Co-op Refinery Complex (CRC). The land would be used to construct a renewable diesel plant. Construction of the new plant is still subject to market conditions and securing necessary government approvals and support. However, the $5.48 million land purchase option is an integral step towards the construction of the plant.
"This project will play a vital role in our transition to the low carbon economy," said Scott Banda, CEO of FCL. "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 Masters and Regina City Council for recognizing the benefits of this project, for the City, for FCL and for Western Canada."
The construction of a renewable diesel plant will create approximately $1.85 billion in economic activity through job creation and construction spinoffs. Once operational, the plant will employ up to 150 people and utilize primarily locally grown canola as its main production feedstock. This will, in turn, provide additional economic opportunities for Regina residents and local agricultural producers.
"This major project is a tremendous opportunity for both the sustainability and the economic goals of our city," said Regina Mayor Sandra Masters. "By approving this land option, Council is further signalling that Regina is a place for investment. We are so pleased to have partners like FCL that want to invest locally and that choose to combine their long-term strategic goals with the future prosperity of our city."
FCL plans to have the renewable diesel facility operational by 2027. Securing this land option allows for the organization to begin formally assessing the project from a feasibility, engineering, and regulatory standpoint. An official decision on the facility's construction will follow as the assessment phase of the project progresses.
This land option builds on FCL's recent announcement that it will invest $500 million in carbon capture and storage at the CRC in Regina and the Co-op Ethanol Complex in Belle Plaine. Both projects will provide additional economic spinoff for the Regina region and help further FCL's sustainability goals. All of these projects represent important components of the Co-op Energy Roadmap, which is guiding the company in its transition to the low carbon economy.
About Federated Co-operatives Limited and the Co-operative Retailing System
Federated Co-operatives Limited (FCL), based in Saskatoon, is focused on providing more than 160 local Co-ops across Western Canada with strategy and leadership, wholesaling, manufacturing, logistics, operational support, business-enabling services and marketing support. Together FCL and those local co-operatives form the Co-operative Retailing System (CRS). The CRS serves our members and communities with products and services that help build, feed and fuel individuals and communities from Vancouver Island to northwestern Ontario. Our total workforce of 24,000 employees serve 1.9 million active individual members and many more non-member customers at 1,500 retail locations in more than 620 communities. We are a different kind of business – we are locally invested, community-minded and offer lifetime membership benefits including patronage refunds, quality products, quality service and fair prices. More information is available at www.fcl.crs and www.co-op.crs.
SOURCE Federated Co-operatives Limited
Brad DeLorey, Director, Communication and Public Affairs, Co-op Refinery Complex, 306-541-7643, [email protected]
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