The West Virginia Economic Development Authority has authorized more than $29 million in tax-exempt revenue bonds to a company planning to build a synthetic fuel plant.
The Charleston Gazette-Mail reports a reimbursement resolution and a cap allocation application were approved to PPD of WV One on Thursday. The newly formed company aims to start plant construction next year in Greenbrier County.
PPD of WV One says the $73 million plant will convert materials such as wood waste into diesel fuel and biochar, a charcoal used in the agriculture sector to help plant growth.
The authority has approved up to $80 million in revenue bonds for the company. Company spokesman Chris Hall says statutory limitations prevented PPD of WV One from trying to get the $80 million approved all at once.