Story originally printed in the Winona Daily News or online at www.winonadailynews.com
Published - Friday, May 09, 2008
Treasury issues tax credits for Iron Range coal plant
MINNETONKA, Minn. — A proposed coal-gasification plant on the Iron Range has gotten a boost.
Excelsior Energy Inc says the U.S. Treasury Department has put forth $133.5 million in federal investment tax credits for the Mesaba Project, which is billed as a clean-coal project.
Congress approved the credits in the 2005 Energy Policy Act to help promote coal-based electric generation technologies.
Three coal gasification units will be built, including the first in the Taconite area. Each plant will generate about 100 permanent jobs.
Excelsior executives say the investment tax credits will help in financing the plants. They also applaud a federal loan guarantee that Minnesota members of Congress helped secure.
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