Darling Ingredients to sell $150 million in production tax credits

Darling Ingredients Inc. announced Aug. 11 an agreement to sell approximately $150 million of production tax credits to a corporate buyer.

These credits were generated under the Inflation Reduction Act by the company’s Diamond Green Diesel joint venture with Valero Energy Corp.

Diamond Green Diesel has the capacity to manufacture 1.2 billion gallons of renewable diesel per year from its facilities in Port Arthur, Texas, and Norco, Louisiana.  

The proceeds of the sale are scheduled to be received by the end of the third quarter, upon satisfaction of certain funding conditions.