AOG has announced that it has transferred 75.1 percent ownership of Addax Bioenergy (SL) Ltd, its sugarcane ethanol and electricity operation in Sierra Leone, to Sunbird Bioenergy Africa Ltd. Plans are to resume commercial operations as soon as possible.
AOG, a privately-owned investment group based in Malta has announced that it has transferred 75.1 percent ownership of Addax Bioenergy (SL) Ltd, its sugarcane ethanol and electricity operation in Makeni, Sierra Leone, to a group of investors led by Sunbird Bioenergy Africa Ltd. The handover is made by way of a capital injection by Sunbird Bioenergy into Addax Bioenergy and AOG is keeping a minority interest of 24.9 percent as a “mark of its confidence” in the future of the business. Sunbird Bioenergy is an energy company with a portfolio of sustainable biofuel projects in Sub-Saharan Africa and will provide additional financing to take the project to full commercial operation as well as manage and run the operation in Makeni.
– We are pleased to have found a new majority owner who is passionate about bioenergy and who has a focus on sustainable energy solutions that integrate local communities,” commented AOG founder and Chairman, Jean Claude Gandur in a statement.
A greenfield project, the plant began production in May 2014, which coincided with the Ebola outbreak that took a horrific human toll decimating the country. In June 2015 AOG, as main shareholder, and Addax Bioenergy S.A. decided to downscale the operation. In December 2015 AOG repaid debt financing from several debt financing institutions and bought back minority shareholders in Addax Bioenergy.
– We look forward to building on the achievements of Addax Bioenergy in Sierra Leone, and restarting commercial operations as soon as possible. This opportunity is a perfect fit with our philosophy and development strategy, said Richard Bennett, Director, Sunbird Bioenergy.