By TIM ALEXANDER
Illinois Correspondent

PEORIA, Ill. — A bill that authorizes $300 million in new funding for renewable energy and “clean” coal projects was signed into law by Illinois Gov. Patrick Quinn on July 29.

Senate Bill 1906, sponsored by State Sen. David Koehler (D-Peoria, Ill.), increases the state’s bonding authority for these projects from $2.7 billion to $3 billion. It also broadens the scope of the bonds to include more renewable energy and clean coal projects. State bonds are issued to help encourage fledgling industries, such as Biofuels Manufacturers of Illinois (BMI), to locate within the state.

“This is an enormous step forward,” said Koehler, following the bill’s signing by the governor. “Positioning Illinois at the forefront of the green energy revolution will bring long-term, high paying jobs to the state. It also demonstrates Illinois’ commitment to responsible environmental stewardship.”

Quinn said the legislation boosts investment in clean energy while generating greater employment opportunities. Sudhir Seth, owner of BMI, said he expects to employ 150 local workers during the construction of the biofuels plant near Peoria and 25 regular, full-time employees when the plant is operational.

“We see significant economic value for area farmers with a major economic impact on our region,” Seth said of the multi-feedstock biodiesel plant, which will have a capacity of 60 million gallons per year. BMI has committed to utilizing nearly one million acres of Illinois soybeans annually, and has entered into contracts with many area farmers to grow and harvest pennycress for fuel production. GROWMARK, Inc. has signed an agreement with BMI to purchase and market the majority of the biodiesel produced by BMI.

“This bill will help provide one component of the total financing package for the construction of (the BMI) facility,” Koehler told Farm World in June. “The bill can help close the gap on some of the financing the plant will need. I think its important that construction begins this summer and we can see (BMI) fully in operation next year.”

State Rep. Jehan Gordon (D-Peoria, Ill.), a co-sponsor of the bill, said the bill could help aid Illinois’ economic recovery. “This new law puts local businesses in a better position to compete on a global scale, provides new incentives for potential employers to invest in our region and local workers, and gives us a better chance for economic recovery,” Gordon said in a prepared statement.

“I believe Peoria can become a major center of the green technology industry,” Koehler added. “Encouraging new renewable energy businesses and supporting existing companies will get us there faster.”