An investment company has a launched a bid for financial contributors to support the construction of a UK biofuel plant.
Future Capital Partners aims to raise £40 million pounds from private investors towards the £360 million project, which is scheduled to open at a site in Grimsby.
The company’s chief executive Tim Levy told Reuters it expects to provide investors, who must commit at least £50,000 pounds, annual returns in excess of 30 per cent over a five to seven year period.
Mr Levy told the news agency the project has already secured purchasing contracts worth up to £1.5 billion and a global animal feeds business has already committed to purchasing the feed produced from biofuel.
Planning permission has been secured for the site and all that’s needed is further financial investment to bring the plans forward.
According to the Renewable Fuels Agency feedstock for biofuel currently occupies just one per cent of UK cropland.
But as EU initiatives to harvest sustainable energy push the demand for biofuel, this figure is estimated to rise between 17 per cent and 44 per cent by 2020.
A rising world population and changing diets are also a key factor in the need for green bioenergy and biofuel production.
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