UK investment company Future Capital Partners Ltd has agreed to purchase Appomattox Bio Energy LLC. The goal of the purchase is to cut costs in the construction of a planned bioethanol plant located in Britain.
The firm did not disclose the cost of the purchase but industry experts estimate the cost at US$220 million. With the purchase, the equity firm plans to sell the machinery to Future Fuels Partnership, who is currently constructing a refinery in Grimsby, England. Three-fourths of the plant and machinery would be shipped from Virginia, US to the UK in order to outfit the new plant.
According to Jonathan Turney, Associate Director for Renewable Energy at FCP during a phone interview, "This project is essential if the UK is serious about meeting its long-term renewable energy targets.A lot of projects in Europe have fallen by the wayside but the mandated targets remain in place. It's a significant chunk of the UK's requirement."
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