Gov. Bobby Jindal’s administration has sold Point Clair Farm, a nearly 2,200 acre-site in Iberville Parish that is former prison property, for $12 million.

The buyer, according to Commissioner of Administration Kristy Nichols, was Russian chemical company EuroChem, which plans to build a $1.5 billion fertilizer plant and distribution center.

Nichols’ office said Tuesday that money from the sale was wired to the state treasury, a move that helps keep this year’s budget in balance.

The Jindal administration and lawmakers used dollars from state property sales to help pay for ongoing programs in the current fiscal year. The dollars from the farm sale will be deposited into a fund used mainly for public college expenses.

Louisiana is paying EuroChem a $6 million grant to help cover site infrastructure improvements.