Construction on the new Shell Rock Soy Processing (SRSP) facility began last fall. We have kept up with the progress at the facility over the past few months. Now, another major hurdle has been cleared in the project. The funding for the entire project has been secured.
Mike Kinley is the CEO of Mid Iowa Cooperative and a Developing partner for SRSP. He talks about what securing the almost $290 million in funding dollars means for the progress of the project.
The project is ahead of schedule at this point for a late-2022 opening. Kinley says that regarding financing, they “built this plane while they were flying it.” With financing secured, the project will accelerate much more noticeably.
Kinley says the board is focusing on filling key positions so they can be involved in the building of the facility and be part of the development. This way the team will be knowledgeable as the plant comes online. Kinley also says this facility will create several great jobs in the Shell Rock area.
After doing some studies, Kinley says they will be able to save producers and facilities about $7 million a year in trucking costs by having the crushing facility in the area. If demand continues to stay strong, that should generate long-term producer profits.
To learn more about the facility, visit the Shell Rock Soy Processing website.