Sundrop Fuels Inc., of Louisville, Colo., says it will build a $450 million biofuels refinery that will bring 150 new jobs to central Louisiana.

The plant will salvage wood waste from renewable forests in the area and use that as feedstock to extract carbon and combine that with hydrogen extracted from Louisiana's natural gas supplies to create up to 50 million gallons of renewable green fuel a year.

Construction of the plant will begin in 2012, with hiring in 2013 and full operation in 2014. The jobs will average more than $58,000 a year, plus benefits.

Louisiana Economic Development Secretary Stephen Moret said Tuesday the project will help position the state as a leader in developing alternative fuels.