The company said last week that the city has approved the purchase of land north of its Co-op Refinery worth $5.48 million.
FCL announced plans in March to build the plant, which will employ up to 150 people once operational and create approximately $1.85 billion in economic activity.
The plant will mostly use locally grown canola as the main production feedstock. The goal is to have the plant operational in 2027.
Federated said in a statement the project is still waiting on market conditions as well as government approvals and support.
The City of Regina has committed $1 million to the project.