WINNIPEG -- The federal government announced financing for a new protein extraction facility that is set to come to Winnipeg at the end of 2020.

The feds will be financing $100 million for the new Merit Functional Foods plant.

The company will be building a protein extraction facility that is set to produce plant proteins.

"The made-in-Canada agricultural technologies and innovations from Merit Functional Foods not only give us a competitive advantage in the global marketplace, they are creating jobs and adding value to our farmers' commodities," said Marie-Claude Bibeau, federal minister of Agriculture and Agri-Food, in a news release.

The financing from the federal government includes $10 million in a repayable contribution from Agriculture and Agri-Food Canada's AgriInnovate Program, $25 million in debt financing from Farm Credit Canada, $55 million in debt financing from Export Development Canada, and $9.2 million from Protein Industries Canada.

The Canadian government said Merit Functional Foods will be the first facility in the world that will be capable of producing food-grade canola protein for human consumption.

"We are extremely appreciative of the instrumental support from the government and our other partners as we move one step closer to commercializing our state-of-the-art protein manufacturing facility. We're proud to help elevate Canada as one of the world's leaders in plant-based protein and sustainable food," said Ryan Bracken, Co-CEO of Merit Functional Foods.

The plant, which is scheduled to be fully operational by December 2020, will use products that come completely from Canadian producers and it's projected to use 10,000 metric tonnes of yellow peas and 17,000 tonnes of canola seed in the first year.

The new facility is also expected to create 80 new jobs.

"The Manitoba government is very happy to have Merit Functional Foods investing in a protein extraction facility here in Manitoba. This project will enhance Manitoba’s growing protein strategy and contribute to the growth of Manitoba’s protein processing sector," said Blaine Pedersen, Minister of Agriculture and Resource Development, in an emailed statement to CTV News.

CTV News has also reached out to the mayor's office for comment.