Alltech announces Kentucky investment; results from Kentucky’s Incentives for Energy Independence Act

In Kentucky, Alltech announced a 10 Mgy next-generation biofuels plant. The $40 million project received tax benefits up to $8 million under incentives created by Kentucky’s Incentives for Energy Independence Act (IEIA), and is projected to create 93 new jobs. To qualify, a biofuel facility must involve a capital investment of at least $25 million. The incentives can cover labor costs on a new project; sales and use taxes; income tax and corporate taxes. The incentives are funded by a state bond issue. The state also adds tax credits of $1 per gallon for biodiesel and ethanol.

The plant will utilize Alltech’s Solid State Fermentation technology and will produce biofuels from leftover fiber from corn ethanol production.

Earlier this month, Southland Renewable Fuel announced a 60 Mgy biodiesel plant in Paducah. Construction over three years is projected to cost $100 million.

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