Principle Energy has planned to start building its $290 million bioethanol plant in Mozambique in May. This is the company’s first venture into the biofuel sector in Africa.
“The plant will produce 212 million litres of ethanol a year and 85 megawatts of electricity when it’s in full production from 2013,” said company COO Richard Hurly.
Principle Energy, a renewable energy company in which London-listed fund manager Principle Capital has a significant undisclosed stake, raised $70 million towards the project in 2007.
Hurly says the company still needs to raise the second part of the funding.