When it comes to supporting innovation that improves quality of life and helps save the planet, California puts its money where its mouth is.
Under the unique California Competes Tax Credit program, the state announced April 11 that it had approved $70 million in tax credits for 35 companies that are projected to create 4,221 jobs and make $1.74 billion worth of new investments across California.
One of the recipient firms, California Ethanol & Power LLC (CE&P), was awarded a $10 million tax credit that will help the company establish a brand-new green power plant. “We appreciate that the state recognizes our commitment to infusing thousands of sustainable jobs in a community that experiences some of the highest unemployment rates and lowest economic health ratings in the United States,” said David Rubenstein, president and CEO of CE&P. “CE&P will produce much-needed ultra-low carbon energy to contribute to California’s goals of reducing greenhouse gas emissions.”
The first sugarcane-to-ethanol and electricity production facility will be located in a county Specific Plan area and a California Enterprise Zone in the Imperial Valley area of Southern California near San Diego. Adjacent to the Mesquite Lake Enterprise Zone, the facility will be easily accessible by truck to the Southern California and Arizona ethanol markets.
The California Competes program is designed to encourage innovative businesses to invest in California to create new jobs and stimulate economic development. Since the inception of the program in 2013, the California Governor’s Office of Business and Economic Development (GO-Biz) has allocated $899 million to 1,009 companies that are projected to create 99,360 new jobs and make $19 billion in new investments.