CIB to fund Canadian biorefinery
Published by Bella Weetch,
Editorial Assistant
Hydrocarbon Engineering,
The Canada Infrastructure Bank (CIB) has concluded the financing of its first project from its low-carbon fuels, carbon capture, utilisation storage (CCUS), and hydrogen initiative, with support for a biorefinery and the country’s largest electrolyser.
Under the terms of the agreement, the CIB will provide a loan of US$277 million to a joint venture (JV) partnership between Shell, Suncor, Proman and the government of Québec that will enable construction of Canada’s largest biorefinery, based on a technology platform developed by Enerkem.
The US$1.2 billion facility – known as Varennes Carbon Recycling – will include an electrolyser that will supply clean hydrogen and oxygen to convert more than 200 000 t of non-recyclable waste and residual biomass into biofuels with a capacity of up to 130 million l annually.
The project is expected to create more than 500 jobs at the peak of construction and about 100 permanent jobs once operational.
CIB funding supports Quebec’s leadership in renewable energy and innovation and Canada’s aim to be net zero by 2050. The CIB loan aims to provide financing to a relatively emerging industry with upside.
The project will be using Enerkem’s proprietary thermochemical process. The carbon recycling facility is expected to cut more than 170 000 t of greenhouse gas emissions annually and 4.25 million t over the project’s 25-year lifespan. The annual reduction is equivalent to taking 50 000 passenger vehicles off the road.
Read the article online at: https://www.hydrocarbonengineering.com/refining/30032023/cib-to-fund-canadian-biorefinery/
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