Iron Range energy project gets tax credits

Duluth News Tribune

The U.S. Treasury Department will allocate $133.5 million in federal investment tax credits to assist with the construction of an Iron Range power plant fueled by gasified coal, according to a release issued Wednesday by Excelsior Energy Inc., the beneficiary.

The credit originally was included in 2005 energy legislation intended to stimulate the commercialization of new and cleaner coal-fired power plants. But the assistance for Excelsior’s Mesaba project became ensnarled.