The Prince Edward Island Grain Elevator Corp. plans to boost its grain storage capacity in the three communities where it operates.
The Crown-owned corporation and the provincial government have announced funding for $1.84 million in expansions at Kensington, Elmsdale and Roseneath, adding a total of 4,800 tonnes of storage capacity.
Two more storage facilities will be built at Kensington and one each at Elmsdale and Roseneath, boosting total system capacity to 33,800 tonnes, the province said in a release.
The provincial government's Island Community Fund is to invest $500,000 in the expansions, while the corporation will cover the remainder.
"Existing facilities are not able to handle the increased volume of the crop," Rural Development Minister Ron MacKinley said in the release.
"This investment will provide additional storage capacity, improved handling systems and will also allow farmers to hold their crop in order to get a better price."
The corporation's facilities handle close to 50,000 tonnes of cereal and oilseed crops per year.
Over 300 P.E.I. farmers deliver their crops to the company's grain elevators, mostly for sale into domestic markets. Soybeans handled through the elevator network are exported to Asia, Russia, France and the Netherlands, the province said.
The corporation last month also announced the promotion of grain marketer Neil Campbell to the position of general manager, replacing the retiring Michael Delaney effective April 1.