Darling to receive $65 million from reinstated tax credit
December 30, 2014
BY Ron Kotrba
Darling Ingredients Inc. announced that it expects to receive about $65 million from the reinstated $1 per gallon federal blenders tax credits for renewable diesel and biodiesel signed into law by President Obama Dec. 19. The tax credit was made retroactive back to Jan. 1, 2014, through the end of the year.
Darling stated that a significant portion of this credit will be attributable to Diamond Green Diesel, Darling’s 50/50 joint venture with Valero Energy Services Corp., a renewable diesel plant sized to produce nearly 140 MMgy.
According to Darling, Diamond Green Diesel anticipates using a portion of the proceeds to retire debt, with the excess proceeds to be distributed as a dividend to its joint venture partners.
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