Canada Infrastructure Bank invests $277M in Quebec biofuels facility
Global News
The project, which was first announced in 2020, will be the largest biofuels facility in the country once completed in 2025, said Canada Infrastructure Bank CEO Ehren Cory.
The Canada Infrastructure Bank is making its first investment in low-carbon fuels, committing $277 million to a biofuels facility under construction in Varennes, Que.
The facility — known as Varennes Carbon Recycling — has a total price tag of $1.2 billion and is a joint-venture project between Shell, Suncor Energy Inc., Swiss natural gas company Proman and the government of Quebec.
It is being built by Montreal-based Enerkem, whose proprietary technology will be used to produce biofuels and renewable chemicals out of landfill waste and wood waste. The plant will also incorporate one of the world’s largest electrolyzers, which will split water molecules into oxygen and green hydrogen for use in its biofuel-making process.
The project, which was first announced in 2020, will be the largest biofuels facility in the country once completed in 2025, said Canada Infrastructure Bank CEO Ehren Cory.
“What attracted us to the project was the scale and ambition of it, first of all,” Cory said.
“For us at the CIB, this is our first investment in an area that I believe has a ton of potential for our country.”
There has been an explosion of interest in biofuels — fuel derived from renewable biomass such as agriculture waste, food waste, even algae — recently as companies seek to lower their greenhouse gas emissions.
Other projects in the works in this country include Imperial Oil’s plans to build a renewable diesel complex at its Strathcona refinery near Edmonton, and Atco Energy’s plans to operate a renewable natural gas facility near Vegreville, Alta.
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