European green diesel specialist South Pacific Biofuels has secured a capital commitment for $50m from an undisclosed investor.
The funds will be used for the acquisition and development of biofuel-producing areas in the South Pacific, a statement released by the company said.
The financing has a maximum term of 15 years and will allow the production to increase to 75 million litres per year.
With current biofuel priced at just over $1, the company said it would particularly target the island nation of Vanuatu in the hopes it can soon fully meet domestic consumption levels.
South Pacific said that it expects projected production revenues from this project series – based on the current price and exchange rate – to generate about €55m.
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