The LCCE project is one of three large-scale industrial carbon capture projects that were awarded a Department of Energy (DOE) grant as part of an effort to capture carbon dioxide from industrial sources for storage or beneficial use. The project’s DOE grant is for approximately $261 million. Lake Charles Clean Energy is receiving Industrial Carbon Capture and Storage (ICCS) program funding through the American Recovery and Reinvestment Act (ARRA) of 2009.
Prior to funding the ICCS grant, DOE was required to prepare an Environmental Impact Statement (EIS) pursuant to the National Environmental Policy Act (NEPA). DOE completed the Final EIS for the project in November, 2013 and issued its Record of Decision in January, 2014. The EIS and associated documents are available at: LCCE CCS EIS Documents
In addition, the project has been awarded a $128 million federal investment tax credit under IRS Section 48B, which was a further indication of the support of the Department of Energy for this clean fuels project.
LCCE was awarded $1.56 billion of Gulf Opportunity Zone and Ike tax-exempt bonds by the Louisiana State Bond Commission, which were issued into escrow over the last several years and will be remarketed in early 2013 at financial close. The issuance of these bonds demonstrates the state of Louisiana’s strong financial support for the project. The GOZONE financing provided by the state was a large incentive to develop the project in Lake Charles.