Craton Equity funds African biofuels
Craton Equity Partners, a Southern California, US-based clean technology fund, has made a commitment of $10 million (€7.9 million) to Principle Energy Limited (PEL), a sustainable biofuel development company with projects that target sub-Saharan Africa.
PEL is developing a sugarcane ethanol operation in Mozambique. The project is expected to manufacture around 60 million gallons of ethanol a year at full production.
Craton's investment will contribute to the ramp-up and working capital needs of the Mozambique Dombe project, including the construction of the ethanol production facility, and the cultivation of 18,000 hectares (45,000 acres) of sugarcane feedstock.
PEL is developing a sugarcane ethanol operation in Mozambique. The project is expected to manufacture around 60 million gallons of ethanol a year at full production.
Craton's investment will contribute to the ramp-up and working capital needs of the Mozambique Dombe project, including the construction of the ethanol production facility, and the cultivation of 18,000 hectares (45,000 acres) of sugarcane feedstock.
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