Genesis Fertilizers’ facility moves ahead on potential Belle Plaine location with approval from Saskatchewan Ministry of Trade and Export Development
(September 23, 2021) In response to the initial news released in May (see below), Genesis Fertilizers would like to provide an update on this project.
Genesis Fertilizers has been granted conditional approval from the Saskatchewan Ministry of Trade and Export Development for the Saskatchewan Chemical Fertilizer Incentive (SCFI) program. The SCFI program approval is a significant step forward on the option for the proposed construction of the Genesis Fertilizers’ urea production facility at the Genesis Belle Plaine industrial site.
The SCFI program is a non-refundable, non-transferable 15 per cent tax credit on capital expenditures valued at $10 million or more for newly constructed or expanded eligible chemical fertilizer production facilities in Saskatchewan. If the new $1.5 billion production facility is brought into operation, Genesis would receive up to $225 million in tax credits over a 10-year period.
“Receiving this approval for the SCFI program brings us one step closer to providing farmers across Western Canada access to a consistent supply of fertilizer,” says Jason Mann, CEO of Genesis. “In addition to the support our facilities will provide to farmers, it will also contribute to the local economies through job creation and infrastructure development.” Mann also adds, “Saskatchewan providing conditional approval of the SCFI program puts the province in a competitive position with Alberta, who is also actively seeking to have the Genesis 700,000 MT urea plant located in their province. Whichever location Genesis chooses, it will be for the long-term benefit of our farmer investors.”
Whether located in the Alberta Industrial Heartland or Belle Plaine, Saskatchewan, Genesis’ proposal will combine efficient mass production of granular urea with a prairie-wide distribution network of SuperCenters. This model provides farmer-led vertical integration that translates into cost savings returned to farmer unitholders through the unique dividend model.
Once underway, the construction of the facility would create construction jobs for three years. The facility will provide over 500 direct, indirect and induced full-time employment upon completion.
To learn more about Genesis Fertilizers, the SCFI program and/or the production facility, please contact: