A Florida company that plans to build five fertilizer plants in Pointe Coupee Parish said the project has taken another step forward with the Louisiana Attorney General’s approval of a $1.25 billion tax-exempt bond issue that will help pay for the project.
In April, BioNitrogen Corp. of Doral, Fla., received the state Bond Commission’s permission to issue the bonds. The company plans to build five plants that will convert agricultural waste into fertilizer.
The state Attorney General’s Tax Equity and Fiscal Responsibility Act approval is a pre-condition to issuing the tax-exempt bonds.
“Receiving TEFRA approval is a significant step forward in establishing the financial foundation for the first plant in Point Coupee,” said Bryan Kornegay Jr., president and chief financial officer of BioNitrogen. “The Florida plant currently in the process of being designed will be able to produce 520 tons per day of high-quality urea and we expect that the initial plant in Pointe Coupee will be able to leverage off of the completed designs.”