Released on February 25, 2008
Biofuels projects in Saskatchewan will now have an easier time accessing government funding, thanks to new changes to the Saskatchewan Biofuels Investment Opportunity (SaskBIO) program.
Enterprise and Innovation Minister Lyle Stewart announced three significant changes to the current program, which allows for more flexibility in qualifying for the program, and creates opportunity for more Saskatchewan residents to get involved in the province's biofuels future.
"The Government of Saskatchewan recognizes that the investment environment for the biofuels industry has changed significantly over the past few months," Stewart said. "We're pleased to be able to make these amendments, in order to provide further assistance to biofuels facilities looking to get their start in Saskatchewan."
Major changes to the program include:
- Changing the definition of "eligible community investor" to include anyone living and doing business within Saskatchewan. Before, investors were restricted to a 100 km radius of a proposed project;
- Decreasing the percentage of minimum farmer/community investment required to access the maximum program benefits from 50 per cent to 20 per cent; and
- Increasing the minimum contribution per litre of biofuel produced from two cents to five cents.
The Saskatchewan Biofuels Development Council (SBDC) applauds the government for responding quickly to changes in the industry.
"The changes to the SaskBIO program are welcome news to the biofuel industry in Saskatchewan," Saskatchewan Biofuels Development Council president Judie Dyck said. "The SBDC wants to thank the new provincial government for responding in a timely manner to our request earlier this year for changes which will allow farmer-community biofuel projects more flexibility in accessing dollars from the program, especially given the current investment climate."
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For more information, contact:
Scott Brown
Saskatchewan Enterprise and Innovation
Regina
Phone: 306-787-4031
Email: scott.brown@gov.sk.ca