$876M biofuel plant to be built in Varennes as Quebec aims for greener future

$876M biofuel plant to be built in Varennes as Quebec aims for greener future

A new plant to produce biofuels from non-recyclable residual materials will be installed in Varennes, a city 30 minutes from downtown Montreal.

The green energy recycling plant is the first of its kind in the province of Quebec and is apart of the Recycle Carbone Varennes project by company Enerkem.

READ MORE: Quebec to ban sale of gas-powered cars by 2035 as part of climate plan

The project is valued at $876 million, including $687 million for the factory alone.

Quebec Premier François Legault, Minister of Economy and Innovation Pierre Fitzgibbon, and Minister of Energy and Natural Resources Jonatan Julien made the announcement on Tuesday, alongside federal ministers Catherine McKenna, Mélanie Joly and Pablo Rodriguez.

The project is receiving provincial and federal funding.

The Government of Quebec, through Investissement Quebec, is providing a loan of up to $80 million as well as an investment in preferred shares of up to $80 million for the project.

Minister Catherine McKenna, for her part, announced a federal investment of $74 million.

READ MORE: Canada’s environment policy could benefit from a Biden presidency: experts

Published at Tue, 08 Dec 2020 17:47:41 +0000