In addition, the company has won approvals from the Kentucky Economic Development Finance Authority to receive up to $8.4m in economic incentives related to this project.
Up to $7m of these economic incentives are in the form of tax rebates, which can be claimed by White Energy over a 25-year term under the Commonwealth of Kentucky’s Incentives for Energy Independence Act Tax Incentive Program.
Further, approximately $1.4m of the economic incentives has been granted in the form of reduced state and local property taxes, which are available to the project through Kentucky’s Industrial Revenue Bond program.
White Energy said it is now in a position to advance its plans for the coal upgrading project in Louisville, and final feasibility work can now be completed.
A decision on whether the company will proceed with the Riverport project is expected in the next two months.
The proposed Jefferson Riverport plant will be built with an initial capacity of 250,000 tonnes per year, with the intent to expand capacity to 500,000 tonnes per year within the first two years of operation.
