The funding was jointly provided by Waste Management of Canada Corporation, a subsidiary of Waste Management, and EB Investments in exchange of a stake in the biofuels facility.
Overall cost of construction is expected to be C$100m ($101.36m) with the company also receiving C$23.4m ($23.7m) in government grants, reported Bloomberg.
Enerkem president and CEO Vincent Chornet noted that the plant is scheduled to be commissioned towards the end of 2013.
"We’re glad to see Waste Management and EB Investments strengthen their relationship with us by increasing their direct investment in the Edmonton facility.
"This is further validation of Enerkem’s business model and leadership position in the market for waste-to-fuels and chemicals," Chornet said.
Designed as a full-scale advanced biofuels facility, the Enerkem Alberta Biofuels plant in Edmonton will utilize non-recyclable and non-compostable waste from the city to generate renewable fuels and chemicals.
