WINNIPEG, Manitoba, Jan 17 (Reuters) - Federated Co-operative Limited (FCL) and AGT Food and Ingredients said on Monday that they have signed a memorandum of understanding to build a C$360 million ($287.56 million) canola crush facility, part of a larger plan that includes an FCL renewable diesel plant near Regina, Saskatchewan. The announcement is the latest of a series of planned expansions to Canadian canola crushing capacity, along with Richardson International, Ceres Global Ag Corp (CRP.TO), Cargill Inc (CARG.UL) and Viterra Inc. Canola hit record high prices last year due to strong global demand for vegetable oil and a Canadian drought that shrunk the harvest. The companies said they would form a joint venture, with Saskatchewan-based FCL owning 51% and AGT 49%. The plant will crush 1.1 million tonnes of canola annually into oil and meal, with the oil supplying half of the feedstock needed for FCL"s planned 15,000 barrel per day renewable diesel plant. They did not announce a timeline to build the crush plant. Fairfax Financial Holdings (FFH.TO), a Canadian holding company, is the majority investor in AGT, a major exporter of peas and lentils. ($1 = 1.2519 Canadian dollars)