Organizers of the equity drive for the North Dakota Soybean Processors crushing plant planned for the Spiritwood Energy Park Association industrial park are pausing their efforts until the end of the month, according to Scott Austin, general manager of Minnesota Soybean Processors, the parent company of North Dakota Soybean Processors.
“We’re taking a bit of a hiatus because of the harvest,” he told the Jamestown/Stutsman Development Corp. Monday. “We’ve been working on other planning issues.”
Those planning issues have included work on the air quality permit from the North Dakota Department of Health and other permits needed for construction and operation of the plant.
Along with arranging financing for the plant, the company is working on forming strategic partnerships with companies in the soy oil industry, Austin said.
The planned soybean processing plant at Spiritwood has an estimated cost of $287 million. Minnesota Soybean Processors are investing $66 million, another $60 million is being sought from individual and institutional investors for the project, and the remaining $161 million will be financed with loans.
When completed, the plant will crush 42.5 million bushels of soybeans each year producing soy oil that can be used for biodiesel and soy meal used for livestock feed.
Austin said the project will still take 24 months from the time work starts until the end of construction. Work on the project could start as soon as the equity drive reaches its goal of $60 million.
The equity drive will continue in November when officials from North Dakota Soybean Processors return to this area to meet with potential investors.
In other business, the JSDC Board of Directors approved changes to the reports that must be filed by businesses receiving economic incentives. Corry Shevlin, JSDC business development manager, said the changes make the reports to the JSDC more consistent with reports the businesses must file with the Bank of North Dakota.